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Most often every third or 33% of entrepreneurs in both Latvia and Lithuania would like to automate the creation of reports in their companies, and entrepreneurs from the wholesale, education and communication services sectors would like to use this opportunity most actively. 22% of Latvian companies, most of which were active in the arts and entertainment, as well as construction sectors, would automatically like to organize invoicing in their company.
Digitization of supply and inventory process management seems topical in 21% of companies in both Latvia and Lithuania, but 16% of Latvian entrepreneurs would like to digitize the summary of economic indicators of their organization. Monitoring of available cash flow has been assessed as a useful automation option by 14% of Latvian entrepreneurs, the survey concluded.
“With the development of technology, a wider range of digital tools is available not only to large and rich organizations abroad, but also to companies in Latvia. In negotiations with entrepreneurs, it often becomes clear that in many cases they are “Vladislav Mironov, a member of the board of Citadele Bank, on strategy implementation, digital and business development issues, reveals the company’s operations.
“The results of the survey highlight two automation favorites in both Latvia and Lithuania – report generation and invoice automation. The functionality of these two digital tools is also most in demand among Citadele customers using the business portal. In the past, there were times when “Stacks of documents – everything is available on smart devices and immediately. It saves time, and entrepreneurs appreciate it,” adds Mironov.
12% of Latvian and Lithuanian entrepreneurs would like to introduce automation of analysis of various payment channels in their company. The digitization of the incoming payment control mechanism, which is considered relevant by 11% of companies in Latvia, received the least response among Latvian entrepreneurs, but 18% of the respondents in Lithuania would appreciate such functionality.
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