One year since the start of the pandemic, AvidXchange research reveals majority of middle market businesses have undergone significant digital transformation
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88 percent of middle market companies implemented new technologies within the last year
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CHARLOTTE, N.C., March 24, 2021 /PRNewswire/ -- AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, surveyed employees at 500 U.S. middle market businesses to discover how significantly daily operations have changed as a result of COVID-19. The research found that 88 percent of middle market businesses implemented new technologies within the last year, undergoing rapid digital transformation as a direct effect of the pandemic.
Companies invested the most in cybersecurity and IT (58 percent), finance (42 percent) and customer service (40 percent) to adjust to new market conditions and address their top priority of improving automation across all processes. With new technology in place, businesses were better positioned to mitigate risk, adapt to changing customer needs, and modernize outdated operations to create more efficiencies and a renewed way of working.
Supporting a hybrid workforce long-term also acted as a catalyst for digital transformation. 64 percent of middle market businesses have the right technology in place to enable a fully remote workforce now compared to only 37 percent in March of last year – a critical shift considering 77 percent plan to allow at least some employees to work from home permanently.
When asked why new technologies weren't implemented sooner, most respondents cited comfort with the status quo as the leading barrier. The pandemic also exposed needs for technology that previously were not as pronounced, allowing digital transformation to take precedence for businesses that had delayed investing in new solutions.
"Digital transformation is not a one-time thing. It's a continuous evolution," said Michael Praeger, Chief Executive Officer at AvidXchange. "As middle market businesses look ahead with optimism, now is the time to push past old ways of thinking to leverage technology in changing critical business processes for the better."
Read the latest AvidXchange research to learn more about how middle market businesses have transformed since the start of the pandemic.
About AvidXchange™AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. With 1,500 employees supporting 6,000 customers across North America, AvidXchange processes over $140 billion transactions annually with more than 680,000 suppliers paid through its network. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.
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