By Birgit Starmanns, Global Head of CEO and CFO Thought Leadership Strategy and Programs, SAP
When reflecting on the underlying financial risks of running a business, there’s little difference between small and midsize companies and their larger competitors. The stress of fluctuating demand, evolving customer expectations, and financial and operational compliance are ever-present for both. And so is the pressure to maintain fiscally responsible business continuity in times of economic uncertainty and disruption.
What truly differs among businesses is the availability of resources to monitor and mitigate risks swiftly, strategically, and efficiently. According to the Oxford Economics report, “The Great Connector,”37% of surveyed finance leaders from small and midsize businesses indicated that their teams expect to increase the time spent on such day-to-day tasks. Meanwhile, only 17% use finance and risk management software at scale, and even fewer leverage predictive analytics (9%) and automation technology (8%) such as artificial intelligence,