A global study by Oxford Economics and SAP Concur has revealed that new technologies are becoming increasingly important in helping finance and IT departments achieve their objectives of carrying out more tasks with fewer resources in the same amount of time.
This challenge has been reinforced by the current global macroeconomic environment, dominated by inflation and potential disruptions in supply chains.
In the Latin American region, 72% of executives surveyed stated that the increased use of AI and Machine Learning provides opportunities to increase efficiency and productivity. Digital Transformation was also key for C-level executives to have a greater participation in strategic decisions, according to 66% of those surveyed in the region.
Despite a reduction in spending of around 2.8% in 2022, these Latin American leaders have not lost sight of the importance of functional efficiency, with 47% stating that it is their strategic priority in the next two years.
However, there are still obstacles that stand in the way of increasing efficiency, such as the difficulty in implementing changes in the company’s culture, the digitization of manual operations, and the management of ever-increasing amounts of data.
Denis Tassitano, Vice President of SAP Concur for Latin America, said: “Latin American Finance and IT executives are paving the way for others to increase functional efficiencies in their organizations and increase their own position in all their organizations.”
