AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, surveyed senior leaders at 500 U.S. businesses for their predictions and anticipated challenges in preparation for 2021. This new research shows that despite the economic uncertainty brought on by COVID-19, 68 percent of leaders feel well positioned for growth in the new year.
Read More: iProov Partners With TRUSTDOCK to Bring Genuine Presence Assurance to e-KYC Across Asia-Pacific
While maintaining a positive outlook, data also indicates there are still key challenges businesses will face as they continue to rebuild. Roughly 30 percent say integrating new essential technology solutions will be the primary hurdle, and 26 percent express concern about continuing to operate with a hybrid workforce in 2021.
“In addition to the challenges identified in our research, liquidity remains a primary concern as companies balance optimism about the future with the lasting effects of the pandemic,” said Dan Drees, Chief Growth Officer of AvidXchange. “If leaders prioritize getting the right technology in place, they can tackle cash flow and hybrid workforce operations simultaneously for their finance teams, arming them with the right tools to support growth in the year ahead.”
More than 60 percent of businesses are looking to digitize all internal operations in 2021 in anticipation of continuing to operate with a dispersed workforce. This includes AP and payment processes, with nearly half of leaders planning to shift to electronic invoicing and payments in the new year to eliminate manual processes that hinder productivity.
This shift will help alleviate the delay most leaders cite around processing invoices from suppliers. More than half have experienced interruptions to paying bills largely because of manual processes disrupted by remote working and reliance on courier services. By implementing cloud-based technology solutions like AP automation, businesses can make payments from anywhere at any time to gain efficiency, save resources and better support cash flow.
Read More: The Future of LegalTech and AI
