Australian Executives Look to Digital Technology to Support COVID-19 Recovery

In 2019, the Australian economy had slowed somewhat, but was expected to rally. The COVID-19 pandemic has exacted a painful personal toll even as it has derailed recovery plans, with the government predicting an increase in the unemployment rate to 8.75% and economic contraction of 2.25% in 2020-2021.

Australian executives are presently working through what recovery will look like, determining how to evolve their organisations to meet newly urgent strategic priorities even as support business continuity. In a recent study conducted by SAP Concur and The Economist Group, 96% of Australian executives agreed that maintaining organisational agility is the only way to navigate uncertainty. 

Executives were asked to assess their performance relative to peers. While Australian executives give themselves high marks in operational agility and the use of emerging technologies. They did flag one striking area of concern: only 16% say they are “much stronger” at controlling costs compared with their industry peers. The ability to control costs can be critical in granting organisations the financial freedom they need to react nimbly during periods of uncertainty.  

When asked about the role of Travel and Expense (T&E) solutions play in supporting business recovery, 96% of Australian executives agree that using an automated T&E management solution is necessary for their organisation to remain agile in today’s economy. In addition, 94% of Australian executives agree that the use of real-time data analytics has helped their organisation ensure that spend and operations align with company goals.

Australian executives show clear desire to enhance operational agility in a time of uncertainty. One way to that is by investing intelligent technologies such as artificial intelligence, analytics tool and automation. Download the paper to learn how Australian executives look to digital technology to recover and regain business momentum.