Importance of Investing in Digital Transformation for Business Growth

Investment in digital transformation and new payment solutions is expected to drive business growth and facilitate international expansion, as per the latest report from Conferma, a UK-based payments provider.

The insights from the ‘Growth Ignition Index’ report by Conferma, based on a survey of over 400 financial decision-makers from various countries including the UK, USA, Canada, Singapore, Australia, Brazil, and UAE, shed light on the factors that companies believe will fuel growth and the obstacles they face.

Apart from the imperative to boost customer demand, businesses identify enhancing cash flow and investing in digital transformation as crucial elements needed to ensure business growth over the next five years. With international expansion being a priority for 45% of businesses, half of them have significantly invested in new technologies, talent acquisition, and partnerships to capitalize on new opportunities.

Jason Lalor, CEO of Conferma, emphasized the significance of technology investment in driving growth, especially in enhancing payment capabilities to facilitate seamless and efficient transactions. The report highlights that investing in new technology is the top priority for businesses, with a substantial number committing significant resources to enhance payment capabilities. Additionally, a large majority are using or considering virtual cards to align with their strategic goals.

Incorporating instant payments for efficient fund transfers, integrating new payment solutions with existing systems, automated repeat purchases, and zero-admin touchless payments are strategies identified by businesses to improve efficiency and spur growth. Those leveraging virtual cards emphasize benefits such as improved security, reduced fraud risk, and simpler cross-border transactions, which are crucial for expanding overseas operations.

Virtual cards are seen as a key solution to overcome challenges hindering international growth, offering enhanced security, streamlined processes, and seamless cross-border transactions. Current users deploy virtual cards not only for basic payments but also for purchasing technology, equipment, software, and other business-to-business transactions, showcasing the versatility and wider applications of virtual cards in modern business practices.