Keeping a digital eye on the corporate purse

Strategically deploying technology to increase visibility into spending is crucial in today’s ever-changing business climate.

The UK economy bounced back slightly in the third quarter of 2020 following a dismal second quarter. However, with continued uncertainty surrounding a second wave of covid-19 cases, a new nationwide lockdown announced for England in early November, and the country’s exit from the European Union, the economy is set for a sharp downturn. GDP is estimated to shrink between 9.5% and 10.1% for the year.

Covid-19 continues to exert a substantial toll, suggesting that economic recovery from the global health crisis may be like the pandemic itself: unprecedented and unpredictable. To identify key trends among global business leaders on the road to recovery, SAP Concur commissioned a survey polling 552 senior executives in 11 countries (Australia, China, India, Japan, Singapore, Brazil, Mexico, the US, France, Germany and the UK), which was conducted in June and July 2020. The respondents were drawn from the senior leadership ranks of the finance, IT/technology, management/ strategy, and operations and risk functions at companies with at least 1,000 employees. (E) BrandConnect, a commercial arm of The Economist Group, fielded the survey. This report provides an analysis of trends identified in the responses of UK executives.

It also signals how organisations can position themselves for the long term by leveraging technology to better understand and manage spend across the business.