Aberdeen Report: Company Spend Control and Efficiency Builds Resiliency

The global pandemic has accelerated the need for businesses to digitally transform their operations. As a result, companies are reevaluating how they manage their spending. A recent Aberdeen expense and invoice management survey found that top companies in the UK with fewer than 1,000 employees are automating tedious manual processes, increasing visibility into total spend, and investing in innovative tools to improve flexibility in a remote environment. 

Research on technological investments in the digital transformation show:

• 70% of UK companies are prepared to invent in technology as a measure to speed business recovery.
• Best-in-Class UK companies are experiencing 6.5x greater increase in productivity, 33% few costs to process expense claims and 24% faster time to process supplier invoices. 
• Of the UK Best-in-Class, 37% are more likely to have mobile apps for making expense and invoice approvals

As a result of digital transformation, these Best-in-Class businesses are seeing a significant increase in efficiency, which has helped them optimize performance and bounce back stronger during the current economic downturn. The unexpected changes from COVID-19 have led 52% of UK respondents to notice a significant revenue drop. Spend control and productivity need to be a strategic priority for organisations to catch up.

The journey toward global recovery requires that businesses in all countries work to build flexibility into their processes for managing company spend to fit the needs of the current remote workforce. Greater control over spending can help businesses determine areas to save costs as well as areas to invest in to promote recovery.

Download the Aberdeen Knowledge Brief to read the full report and learn how you can help your business become more resilient.