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MOST BUSINESSES PROCEEDING WITH INTERNATIONAL EXPANSION PLANS, UNDETERRED BY COVID-19, REVEALS NEW CFO SURVEY

More than 80% of Businesses Now Considering Remote Global Workforce Model

 

New research released by Globalization Partners and CFO Research, indicates that most businesses are undeterred by the impact of COVID-19 and are still moving forward with plans for new or expanded international operations. More than half of the respondents expressed interest in expanding or adding operations in the Asia-Pacific region. The findings also show that 83% of respondents said they are looking into a remote, global workforce model as a solution to the changes brought about by COVID-19.

Despite the pandemic-induced economic crisis, 45% of respondents are either currently expanding globally or only slightly delaying their expansion and will do it within one year. Another 9% maintain intent to expand internationally but remain in a year-long holding pattern.

After North America at 71%, the Asia-Pacific region (excluding China), targeted by 65%, was the most popular region for new or expanded operations. Capturing market share was the top cited reason for expansion into these specific regions. Also, highly cited was the desire to expand sales, diversify investments and acquire top talent.

“This research offers grounds for optimism that the economic crisis caused by COVID-19 has not derailed international expansion plans for most businesses who were already on this path,” explained Nicole Sahin, CEO and Founder of Globalization Partners. “However, the operational challenges, particularly around local legal rules, recruitment and compliance can take months to navigate. Our solution removes these barriers to success and makes it easy to establish new international teams and revenue generation in a matter of days and in some cases in as little as 12 hours.”

The data also found that employee health and safety was a top concern related to global expansion, cited nearly twice as much as the other leading issues, including new business strategies, increasing sales pipeline and revenue, and reducing organisational costs. In addition, 83% of executives expressed concern managing multiple third parties and stakeholders in a foreign environment during a volatile economic climate. And 74% of executives expressed concern with navigating foreign banks and international employee payroll in these volatile times.

Expansion had been or was expected to be a long process for most of the executives. 86% said their global expansion took or would take at least five months. That figure included 42% who put the time required at more than one year. As a result, dedicating resources to global operations was also a top concern for executives planning international expansion.

 

Sahin concluded: “The survey supports all the key challenges facing companies as they expand globally. But the biggest issue is usually the time and cost involved with establishing legal entities or subsidiaries. Our clients can easily hire talent in a new country while ensuring compliance with international laws and agreements.”

 

Survey Methodology

The survey, conducted by CFO Research of Argyle Advisory and Research Services, polled 166 senior finance executives at companies with international expansion plans.

 

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VIBEPAY SETS SIGHTS ON GROWTH WITH INTEGRATION OF MORE UK BANKS AND NEW BUSINESS ACCOUNTS

VibePay is continuing on its ambitious path of growth, with the integration of more UK banks and payment providers via open banking, and a business account function in its newly launched social payments app.

With 24 banks now integrated with the app, including new additions Starling, Capital One and Tesco, VibePay is aiming to boost engagement with its 50,000 users and drive more sign-ups amongst its Gen Z audience.

The addition of business accounts for the first time will open up VibePay to a small business audience and appeal to the many Gen Z-ers who earn money from selling on their social channels or platforms like Depop. This functionality will enable them to make and receive payments with no fees and provide instant access to funds and a transaction dashboard to track their payments.

 

The new app will see further functionality added over the next few weeks including:

  • Vibe.me links, giving all users a personalised payment URL
  • Vibe ID – an ‘online passport’ allowing users to link their bank account and seamlessly transact and interact with brands across the web
  • QR codes, to scan for instant payments
  • Vibe Shop – a new way to buy Vibe merchandise via pay with bank functionality
  • Integration with VibeTickets, allowing its 100,000 users to make payments via VibePay with no fees

 

Luke Massie, founder of VibePay, says“This new app is the culmination of months of work – we’ve taken invaluable feedback from the VibePay community and looked at how we can make the app bigger and better so it’s easier, more fun and an indispensable tool for our users’ lives.

 We’re built for Gen Z by Gen Z which means we’re able to reach this critical audience with a unique solution built on their lives. We can’t wait to roll out the new functionality over the coming weeks and see our community continue to grow. We’ve already got our sights set on the next phase of growth for 2020 and beyond.”

 

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BOARD REPORT HIGHLIGHTS COMPLEX DECISION-MAKING PROCESS ACROSS BANKING AND FINANCE SECTOR

‘The State Of Decision-Making’ report from Board, reveals business decisions made in silos without modern planning tools

A third (33%) of Banking & Finance decision-makers believe decisions made in silos, despite majority (63%) of decisions being implemented worldwide

More than half (57%) of Banking & Finance decision-makers rely on spreadsheets for decision-making despite modern planning tools now available

 

Board, the #1 decision-making platform, has today released ‘The State Of Decision-Making’ report focussing on how UK organisations make their important business decisions.

Based on a survey of 500 senior decision-makers, across industries including, Banking & Financial Services, Consumer Goods, Manufacturing, Pharmaceutical, Professional Services, Retail, and Transport & Logistics,  ‘The State Of Decision-Making’ report from Board shows that today’s business decision-making process is increasingly complex, with multiple departments and seniority levels all responsible for some form of decision-making, leading to a lack of cohesion between units and a waste of business resources.

 

The State Of Decision-Making’ research found that while a clear majority of respondents (63%) working within the banking and finance sector say the important decisions they are responsible for get implemented globally, the decision-making process itself is not joined-up across the business, with one third (33%) also saying that crucial business decisions are made in departmental silos.

 

The research, conducted on behalf of Board International by independent research organisation 3GEM, also asked respondents the tools they use to make decisions and, while almost every action within an organisation today will lead to the creation of new data, it seems many businesses are not using the crucial insights which data can provide to make important decisions.

 

More than half (55%) of respondents in the banking and finance industry said they were making business decisions based on data and insights, but ‘gut feeling’ decisions are still made by up to 44% of companies. What’s more over half (57%) of the sector’s companies still rely on spreadsheets to aid their decision-making, despite more modern and reliable tools now available.

 

“In today’s fast-paced, data rich and evolving business environment, making quick and effective decisions is critical to both compete and survive,” explains Gavin Fallon, Managing Director for UK, Nordics & South Africa at Board International. “Important decisions are being made at any one time across multiple business functions, but all too often, important decision-making is disconnected, modular or fragmented.”

 

The research also asked respondents about the challenges banking and finance decision-makers face at their organisation,  with nearly a third (29%) citing a lack of available data and insights and one quarter (25%) citing the fact there are too many people in the decision-making process as their biggest frustrations. However, industry decision-makers believe that the process can be improved with the introduction of new technology, with the majority (57%) of respondents saying this would make their decision-making better, while 41% also felt increased use of data and insights would help.

 

“Businesses have to plan every day for a far more uncertain future and set themselves up to prepare for change and keep changing against the backdrop of a more volatile and uncertain marketplace than ever,” continues Fallon. “A bad decision can have wide-ranging impact across the whole organisation and no business can afford to waste time and resources on bets that may or may not come off.  As the business environment increases in complexity, the ability to not just react, but predict, in real-time, becomes more important than ever.”

 

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