REGIONAL REVIEW
THE ADVENT AE
example of this is how spend management systems are now not only being used to track and manage expenses but are moving towards being used for other parts of a business such as centralising and automating all Accounts Payables , moving towards a more strategic procurement process , enhanced vendor management among other functions .
While globally there has been a shift to use the next generation of spend management software which offers analytics and works towards streamlining expenses of the whole company , MENA will see higher adoption of spend management software spurred in growth due to multiple factors . A global survey recently conducted by Visa highlighted that 71 % of SMEs surveyed in the UAE , against 59 % globally , indicated being either cashless or planning to become cashless by 2024 , in line with the vision of both the UAE and KSA governments .
In addition to a strong push from the government , companies are beginning to realise the multitude of benefits they enjoy from digitising their payments and financial services . Early adopters have almost completely moved away from the use of cash and this is being strongly supported by the changes in the macro-environment . More and more technology-driven companies are now beginning to follow suit . The difficulties and operational hiccups created by the use of cash are now being realised and companies are slowly moving towards being completely cashless .
This government-backed initiative towards a cashless society is driving companies of all sizes are focusing on digitising their spending and minimising the use of cash . The major impact of this entails curbing the use of petty cash which can primarily be tackled by the www . intelligentfin . tech
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