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

The pace of technological advancement is leaving many organisations feeling like tortoises in a world of hares, and the consequences are becoming increasingly evident.

Recent research by SAP Insights highlights that 32% of organisations globally are concerned about their ability to keep up with current technology trends, invest in new equipment, and enhance automation levels. According to the study, many organisations are grappling with technological advancements, presenting critical challenges for their evolving business models.

The reluctance or inability to embrace advancements in technology and AI and break away from established business structures is considered a significant barrier to innovation, with 40% of executive leaders worldwide identifying it as a primary obstacle.

Failure to modernise practices like travel and expense management (T&E) can lead to inefficiencies, increased costs, and a loss of competitive edge. Embracing intelligent technologies, particularly artificial intelligence (AI) and expense process automation, is crucial for organisations looking to not only stay competitive but also to maintain compliance within increasingly complex regulatory frameworks.

Ultimately, organisational resilience and success hinge on the willingness to adapt and embrace change.

Australia’s HR Leader outlines some of the lessons derived from companies that have embraced intelligent technologies and been open to T&E innovation.