Research from SAP Concur shows that Australian businesses are not prioritising cost control, despite opportunities for long-term savings.
As businesses work to recover from the pandemic, SAP Concur’s survey shows that out of 19 strategic priorities in the survey, cost control ranked in 16th place.
According to Matt Goss, Managing Director of SAP Concur ANZ, “Many organisations have been focused on adapting to new workplace models and enhancing the customer and employee experience to support business recovery. However, there is still a huge cost control gap leading to missed business potential.”
The company claims that automated cost control measures can generate efficiencies, reduce operational costs and can lead to better employee experiences as staff can direct more time to strategic initiatives rather than operational processes.
The company claims that 32 per cent of Australian businesses rely on manual processes for their business operations, where inefficiencies can cost big money — up to US$2.07 billion in GDP.
“Tools that deliver accurate, real-time insights into organisational costs will empower executives to make more informed and less risky decisions in the new business environment,” says Goss.
While 96 per cent of executives surveyed agreed that the pandemic has forced them to rethink their approach to expense management, and the top business priorities include increasing automation, improving employee satisfaction and increasing the use of data and analytics, the lack of focus on cost control measures highlights a priority misalignment for organisations in their pandemic recovery plans.
“Uncertainty is now a continuing theme of doing business. Organisations that take a more holistic approach to cost control can better understand how employees are spending, making these businesses more agile and well-positioned to withstand major market impacts,” says Goss.
“Uncertainty is a continuing theme of doing business. Organisations that take a more holistic approach to cost control can better understand how employees are spending, making these businesses more agile and well-positioned to withstand major market impacts.”