SMEs in 2017: Cutting costs, more mobility & big data

For small to medium sized businesses Concur has predicted that streamlining processes and cutting costs will be key trends in 2017.

Matt Goss, managing director for ANZ at Concur, says taking advantage of modern business intelligence technology, and investing in a personalised, efficient solution is essential for SMEs to remain competitive in 2017.

For the millennials craving mobility and fast results, businesses must adopt technologies that help match the flexible working conditions that they demand.

"Millennials are actively seeking a mobile work-life balance which may include working remotely," explains Goss.

"They expect technology to assist collaboration and productivity, meaning geographic distance is a non-issue. The use of mobile expense management systems can save businesses time on administrative processes and also help reimburse employees faster, especially if they work offsite.

He adds that employees simply snap a photo of their receipt and submit it to a system that processes the expense claim and automatically authorises reimbursement.

According to Concur, technology can offer small businesses greater control over brand development, customer engagement and marketing.

And, with 97% of internet users conducting research prior to purchasing products and services, keeping a representative web and mobile experience is essential for businesses in order to build relationships with their target audiences.

As far as business intelligence goes, Concur expects SMEs to increasingly take advantage of big data solutions.

"The use of automated expense management software enables businesses to see the status of employee expenses in real time," explains Goss.

"As organisations amass greater amounts of data, business owners are able to implement data-driven solutions in an effort to improve business efficiencies.