The Covid-19 pandemic plunged the world into a deep recession with global economic output falling by 3.5% in 2020, according to the International Monetary Fund. Growth is now returning – the World Bank forecasts that output will expand 4% in 2021 but remain more than 5% below pre-pandemic predictions.
As the world recovers from the pandemic, growth is back on the agenda of strategic priorities for global executives. A recent survey conducted by SAP Concur and The Economist Group in December 2020 and January 2021 discovered the following trends:
They have invested in new technologies that use artificial intelligence and machine learning. In fact, nearly 9 in 10 executives say finding new ways to increase speed and flexibility in the management of travel, expense, and invoice (TE&I) is critical for their organizations to stay profitable and continue to grow.
By managing company spending effectively, organizations can steer themselves more quickly toward the growth they seek – and also minimize unnecessary hits to cash flow such as unclaimed VAT refunds.
Download the report to learn how efficient business processes and effective TE&I solutions will help organizations recover from pandemic and back on growth faster.