Slow and steady doesn’t win the race when it comes to advancing technology

Too many organisations are acting as the tortoise and not the hare when it comes to keeping up with advancing technology, and they’re paying the price.

Recent research by SAP insights has revealed that a significant portion of organisations (32 per cent) globally are expressing concern with their ability to keep up with current technology, investing in new equipment, and enhancing their automation levels, which are all integral aspects of business in 2024.

Australian and New Zealand companies, like many across the world, are struggling with these advancements, which is causing critical challenges for evolving businesses. A key reason is the reluctance towards taking that “leap of faith” into new advancements and abandoning established business structures that many have grown accustomed to.

According to the same research, 40 per cent of executive leaders worldwide identify the difficulty of letting go of existing business models as a primary barrier to innovation.

Jonathan Beeby, managing director at SAP Concur Australia and New Zealand, said: “Not modernising T and E practices (travel and expenses) could lead to inefficiencies, increased costs, non-compliance with evolving regulatory frameworks, and a potential loss of competitive edge in a global market.

“Ultimately, organisations must adapt and innovate their T and E practices not just to stay current but as a crucial step towards ensuring long-term resilience and success.”

Using intelligent technologies is crucial for businesses in the T and E sector if they want to keep up with their competitors. Those who embrace the use of artificial intelligence (AI) and automation are already steps ahead of their competitors. Businesses have the ability to “get out of their own way”, so to speak, when it comes to adopting these new practices and leaving their old ones in the past.

These new practices can negate the risk of human error, streamline processes, and ensure compliance, which is especially reliable for a sector such as T and E, considering staff are often on the move. It can often guarantee more efficient and accurate results. By willingly adopting these technologies, leaders can maintain a clear understanding of their financial situation, avoiding unforeseen penalties due to routine lapses.

At the end of the day, it comes down to an organisation’s willingness to adapt and change its processes. This is a key factor in terms of the resilience of successful companies. An example of adaptation would be the shift towards environmentally friendly travel practices. By providing workers with essential information and empowering managers, this adaptation can be made and old processes can be replaced.

It’s a blueprint for how new processes towards integrating advancing technologies are possible. If staff and leaders are provided with the correct information and guidance to employ new technologies, then the movement from established structures can be a smooth process.

Fabian Calle, managing director of SAP Concur Australia and New Zealand, stated: “While some businesses show reluctant change, important lessons emerge from companies that have already revolutionised their T and E management leading to success and greater organisational resilience.

“Importantly, resilient businesses share three characteristics that others should strive to achieve, including their use of intelligent technologies, openness to innovation, and willingness to adapt and change.”