An extensive survey of business leaders was commissioned* to understand how firms utilise tech, the demand for tailored solutions and the biggest challenges businesses face. The survey asked business leaders what they considered their main challenges to be over the next 12 months; 1 in 5 (18%) admitted keeping up with AI and the latest tech is a major concern.

AI tech solutions have exploded in the last 12 months and love it or loathe it, AI is here to stay and is rapidly changing the business landscape in many sectors. According to the IBM Global AI Adoption Index, the adoption of AI within businesses is currently at a significant turning point. Many business processes are starting to be managed by AI such as pricing models, chatbots, recommendations, email filters and even some traditional processes such as HR and recruitment.

According to the extensive survey currently Accountancy and IT top the list of processes being automated, with over a third (34%) of businesses using technology solutions to do this. These were followed by HR, Customer Services and Cyber Security as the top five most popular functions that firms are currently automating. AI is expected to impact these and many other business processes over the next 12 months especially in areas where technology hasn’t been adopted as much as Payroll (19%) and Expenses (16%).

Although an understandable concern, AI technology is set to improve many business tech solutions – offering smart and more tailored services that benefit end users. This will see an increase in adoption especially in sectors such as expenses.

Sunil Nigam, Founder at ExpenseOnDemand, commented, “Businesses certainly shouldn’t be ignoring AI and the benefits that it can offer. It is already saving business time and money, but it is important that firms adopt the right solutions.

 *ExpenseOnDemand