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When it comes to digital transformation, what’s top of mind with many businesses are more digital payments and supply chain stabilization, says new research from American Express.
In the United States, 61% of businesses see inflation as the factor having the biggest negative impact on their organization, according to the latest global business spend indicator from American Express. The American Express research is based on a response from 3,500 businesses in Australia, Canada, Japan, Mexico, the United Kingdom, and the U.S.
To help offset the impact of inflation, U.S. businesses are prioritizing access to working capital and managing cash flow, American Express says. For example, 79% of businesses say managing cash flow and working capital have become even more important over the past year. 48% note the digitization of payments has already helped reduce costs. Most businesses also are planning to increase their current degree of automation, with 56% saying this about payments to suppliers.
“U.S. businesses are being challenged by inflation and supply chain disruptions,” says Josie Dent. He’s managing economist at Centre for Economics and Business Research, the research firm that conducted the survey. “But despite these issues, the majority are keen to invest in technology, with a desire to improve business productivity being one of the main drivers of the rise in technology spending.”
Getting a better handle on supply chain disruption through a diversified strategy also is a big deal for many U.S. companies, says American Express. 40% of U.S. businesses are reevaluating their supply chain. And 40% report supply chain issues are still impacting them in 2022, according to American Express. But 70% of organizations are solving supply chain problems by finding new and more diversified suppliers, says American Express.
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