Indian businesses are leading the charge in global economic optimism, with 72% predicting a surge in business-to-business (B2B) spending by 2023, according to a survey by American Express (NYSE:AXP) and Cebr. This level of confidence significantly outpaces the global average of 49%, highlighting India's robust economic potential.
The survey, which involved 513 decision-makers from various Indian businesses, revealed that this optimism is largely driven by planned increases in technology investments. A substantial 88% of businesses are preparing to boost their technological resources in H2 2023 to meet the growing demand for digital products and enhance productivity.
The spending isn't confined to technology alone. The survey also indicated a rise in expenditure on business travel and entertainment, with 72% of businesses expecting to increase their budgets for these areas. This suggests that Indian firms are keen to participate more in industry events for networking and potential collaborations.
In addition, 68% of businesses plan to ramp up their spending on professional services, particularly IT and technology consulting services. This move signifies a strategic shift towards harnessing tech expertise for improved business operations.
Payment automation is another area gaining traction among Indian businesses. The survey found that 84% have partially automated their supplier payments while 39% have fully automated their payment processes. This trend towards automation is indicative of a broader focus on efficiency and security in financial transactions.
Cash flow management has also emerged as a key concern, acknowledged by 90% of businesses. This reflects the increasing importance placed on financial stability and control amidst ambitious growth plans.
Furthermore, payment security remains a top priority for Indian businesses, with an overwhelming 92% emphasizing its importance. As companies increasingly digitize their operations, ensuring secure transactions has become paramount.
Marketing and advertising budgets are also set for an uptick, with 79% of businesses planning to increase their expenditure in these areas. This is in line with their ambition to reach international markets and expand their customer base.
Overall, the survey paints a picture of Indian businesses as forward-thinking and confident, ready to invest in technology and automation, and keen to secure their financial operations as they navigate the path to growth.
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