The introduction of AI and ML also creates new opportunities for managing travel and expenses. Finance departments should anticipate benefits from AI such as prompt reimbursements and less manual labor in claim screening and clearance.
For a while now, digital transformation has been a major area of focus across industries and verticals, but it is only during a crisis that rapid adoption becomes not only an organizational imperative but also a survival requirement. The pandemic’s effects saw a similar acceleration in the adoption of AI.
Companies in the early and middle stages of digital transformation were forced by the Covid-19 outbreak to adjust and accelerate their transformation in order to deal with enormous global disruption. As we go into 2022, cutting-edge technology like artificial intelligence (AI) and machine learning (ML) will play a bigger role as hybrid remote working environments become the norm and businesses work hard to equip themselves to fend off any potential disruptions unlike ever.
According to the SAP Concur Survey 2021, 89% of respondents believe that developing and utilizing cutting-edge technology will be essential to ensuring the resilience of businesses. The survey also shows that in order for businesses to stay competitive over the coming year, they will need to adopt new technologies, with cloud computing, machine learning, and artificial intelligence (AI) being the most critical. During the pandemic recovery, more than 7 in 10 anticipate using AI and ML more frequently.
