Adapting to the New Normal: 4 things you need to navigate economic uncertainty

We’ve been living through uncertain times for a while. Now that unpredictability and change is to be expected, your business may benefit from adopting a more agile approach to managing business spend. It’s one way to secure business continuity throughout market disruptions.

But what does it take to gain this flexibility and remain resilient? Let’s look at a few things that businesses need in order to adapt quickly to ongoing changes of our current moment.

  1. You need business insights

Visibility matters most during uncertainty. Having a complete view of your operations and spend across your organisation is key to remaining resilient: how do you know what is being spent (and make decisions accordingly) if you cannot see it? What are you spending on? And how much time does it take to process that information? Consider also that the reasons for spending are changing. For example, you may assume that expense claims are currently decreasing due to reduced business travel. But widespread homeworking means your employees may now be claiming expenses on other items or contracting services that they wouldn’t normally. Having access to data on all spending will allow you to gather insights, spot trends, and make better business decisions of your resources.

  1. You need control over costs.

There’s no bad time to control spending. But the current moment is an especially good one for taking charge. Sudden changes may give you the opportunity to review your current spend management processes and see if they’re really working for you. You want a solution that gives you the control required to support a strong financial statement and redirect budgets where the business needs them most.

  1. You need to manage VAT reclaim.

Sudden changes to the economy can often mean sudden changes to VAT reclaim and cashflow. It becomes clear that a strong spend management solution is one that enables successful VAT reclaim either foreign or local. Reclaiming as much as you can, without cherry-picking methodologies, to bring money back into your business also requires having a way to identify the tax specialists who are the best fit for your organisation.

  1. You need a solution that suits new ways of working.

Having a dispersed workforce has become commonplace for many organisations. Because of this, your business will likely need a mobile solution that can be implemented remotely and which works in the cloud. This will allow you to simplify workflows and gain the visibility you need to control costs more quickly – helping you make the differences now that will help you manage disruption going forward.

To find out more about how SAP Concur solutions can help your business navigate this uncertainty with visibility and control of spend reach out to our local representatives.

 

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