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2021 EIU Report: Ready, Reset, Grow

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:

  • 86% of executives say the pandemic has forced their organization to embrace operational agility and become more open to experimentation and quick shifts in strategy to ensure business continuity.
  • Executives who report stronger organizational performance in the use of emerging technologies, data and analytics, and in efficiency of business processes in the past 12 months are more likely to see a brighter financial future for their organizations.
  • Growth is now the number one overarching objective for global executives and cost control along with spend visibility are key to achieve growth-related goals.
  • 89% of executives say implementing and deploying advanced technologies will be key to business resilience. Executives are ready to lead their organizations back toward growth.

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.