AvidXchange Releases Top Priorities and Trends for Finance Leaders in 2024
20 Novembro 2023 - 11:00AM
AvidXchange, a leading provider of accounts payable (AP) automation
software and payment solutions for middle market businesses and
their suppliers, today announced the recent release of a white
paper titled, “2024: Anticipating Tomorrow’s Trends.” The report
highlights the findings of a September 2023 survey of 500 finance
leaders at middle market companies across various industries to
understand top priorities and concerns as planning begins for the
year ahead.
The survey results revealed that 2024 will center on digital
transformation and technology adoption within finance departments.
More specifically, the top five trends on finance professionals’
radars include: artificial intelligence (AI); remote and hybrid
work options; business analytics; fraud concerns; and real-time
payments (RTP).
“Keeping a steady pulse on which areas finance professionals are
planning to invest in for the future is key to understanding how
the finance function and our customers will evolve,” said Dan
Drees, President of AvidXchange. “In today’s modern business
landscape, it’s important to understand the main concerns and
priorities of finance departments as they look to adapt to market
changes and deliver superior services to stakeholders.”
Highlights from the report include:
- Artificial intelligence (AI)AI is poised to
supercharge productivity and has a large presence within finance
departments today, as 72% of finance leaders say they are currently
using the technology. More than half of the finance leaders
surveyed said they are “very comfortable” using AI technology
(60%), while only 12% noted they are “hesitant” or “very
uncomfortable” with AI.Finance leaders also recognize the
importance of training teammates to understand how to leverage this
technology safely and effectively. Nearly half (49%) of
organizations are supporting finance employees with upskilling and
reskilling opportunities while 28% are providing mentorship
programs amidst the AI revolution and other digital transformation
efforts.
- Remote and hybrid work optionsWhile 80% of
finance departments work in hybrid or fully remote models,
organizations must still make refinements to improve operations and
collaboration efforts in these working environments for the year
ahead.Inadequate technologies, including computer hardware and
cloud-based software, pose a challenge for 29% of remote and hybrid
finance leaders. Additionally, 19% say improper onboarding and
training for digital skills creates hurdles while 31% percent of
remote and hybrid finance leaders feel they have fewer
opportunities for mentorship and collaboration with other
employees.
- Business analyticsDemand for financial
analysis and reporting among organizational stakeholders is
prompting finance teams to invest in tools that automate the
reporting process, provide real-time views and simplify report
building.Data analytics is being used for a number of
mission-critical uses like informing decision-making (64%),
identifying fraud (59%), catching and reducing errors (56%),
pinpointing opportunities to grow the business (54%) and finding
money-saving opportunities (49%). Accounts payable teams are also
using data analytics to analyze invoice data (75%), measure invoice
and payment workflows (67%) and track purchasing patterns
(60%).
- Fraud concernsThough 64% of financial leaders
revealed their companies have strengthened security measures in
2023, organizations must remain vigilant and aware of threat
actors’ constantly evolving tactics. About 57% of respondents
revealed that their organization fell victim to check fraud attacks
or attempts and 60% suffered from cyberattacks, including phishing
attempts.In 2024, it will be more important than ever to safeguard
finance departments from threat actors, as most finance
professionals reported that data protection and security (29%) and
digital transformation (29%) are their department’s top priorities
for the year ahead.
- Real-time Payments (RTP)Suppliers are
expecting the same convenience and rapid payment associated with
P2P payments for their businesses. As a result, in 2023, 49% of
organizations have used real-time payments to pay suppliers and
vendors, with 21% of them using this method most often.This will
only further intensify in 2024 as 81% of finance professionals
revealed that their finance teams have seen an increase in requests
from suppliers or vendors for RTP. Organizations will need to keep
up with the demand for fast and secure e-payment tools to avoid the
risk of losing partners.
To learn more, visit:
https://www.avidxchange.com/resources/2024-finance-trends/
About AvidXchange®AvidXchange is a leading
provider of accounts payable (“AP”) automation software and payment
solutions for middle market businesses and their suppliers.
AvidXchange’s Software-as-a-Service (“SaaS”) based, end-to-end
software and payment platform digitizes and automates the AP
workflows for 8,800 businesses and we have made payments to 965,000
supplier customers of our buyers over the past five years.
Additionally, AvidXchange, Inc. is a licensed money transmitter
for US B2B payments, licensed as a Money Transmitter by the New
York State Department of Financial Services, as well as all other
states that require AvidXchange to have a license.
To learn more about how AvidXchange, and its publicly traded
parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming
the way companies pay their bills,
visit www.AvidXchange.com.
ContactOlivia
Sorrellsosorrells@avidxchange.com386-848-3656
AvidXchange (NASDAQ:AVDX)
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