In fact, 78 percent of survey respondents reported they feel the technology their organizations have adopted in the last two years will have a positive impact on business continuity. Specifically, it is allowing the back-office to do more with less. And finance professionals are feeling good about the commitment to modernization. The AvidPay Network data reflects this trend the average yearly technology spend increase since 2020 has been 7.4 percent, which is more than triple what it was prior to that (2.4 percent from 2017-2020).įurthermore, the research shows that digital adoption is helping the middle market offset the costs of larger economic challenges by boosting efficiency and streamlining time and labor-intensive processes like routing and approving invoices and issuing payments. The report shows that, middle market companies are investing in digital transformation, spending more on information technology (IT) and technology (22%) than they are on hiring, marketing and sales and operations. Additionally, to garner insights on sentiment around spending, AvidXchange surveyed ~500 middle market finance professionals to understand how they feel about their business and where, and why, they are spending in response to the current economic challenges, especially when it comes to their finance department. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today released the next report in its Middle Market Spending Trends series based on statistically significant data captured from the transactions processed in Q1 2021 by AvidXchange through its AvidPay Network. Technology Investment is the Key to Solving Larger Business ChallengesĬHARLOTTE, N.C., J(GLOBE NEWSWIRE) - AvidXchange Holdings, Inc.
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