Finding No. 2
Companies want to expand globally, but struggle with FX rates and collection
One stat remains unchanged from last year—respondents need an easier way to deal with exchange rates.
One stat that remains unchanged from last year – respondents need an easier way to deal with exchange rates. A full 95% said that if they could deal with exchange rates in an easier way, they could increase global expansion efforts. That's compared to 92% in our 2021 survey. Dealing with currency fluctuations remains the biggest challenge to expanding into global markets.
This challenge applies both to companies that are currently doing business internationally (global companies in the charts below) as well as companies that are not yet global but are looking to expand globally within the next few years (which we call non-global companies).
Could increase global expansion efforts if they had an easier way to deal with exchange rates
Currency fluctuations and FX rates remain the biggest challenge to expanding into global markets
Struggle with exchange rates
Struggle a great deal with exchange rates
Collecting cross-border payments impacts their ability to grow
Role level influences how finance pros perceive challenges to expanding into another country
CHALLENGE
Receiving payments
VPs & HIGHER
MANAGERS & DIRECTORS
CHALLENGE
Exchange rate fluctuations
VPs & HIGHER
MANAGERS & DIRECTORS
CHALLENGE
Banking issues
VPs & HIGHER
MANAGERS & DIRECTORS
Global companies see challenges differently than non-global companies
CHALLENGE
Cybersecurity
GLOBAL COMPANIES
NON-GLOBAL COMPANIES
CHALLENGE
New talent
GLOBAL COMPANIES
NON-GLOBAL COMPANIES
CHALLENGE
Talent retention
GLOBAL COMPANIES
NON-GLOBAL COMPANIES
Regarding payment processes, financial professionals surveyed said they wish they had...
A more seamless way to transact with other countries.
A product or service that automates the issues of exchange rates.