As businesses around the world continue to navigate a new normal, AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, surveyed 500 finance executives from U.S. businesses to find out how they are coping with the stress incurred from COVID-19. This new research shows that 66 percent of finance professionals, ranging from middle-management to CFOs, have experienced heightened levels of stress directly related to the impacts of the pandemic, and as a result are turning to technology to help combat increasing pressure and workloads.
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According to the study, three out of four respondents work at businesses that have implemented at least one new technology or system in the wake of COVID-19, and 78 percent agree new automation and technology would help to further reduce rising stress. 84 percent also believe emerging technologies would help them work more efficiently both during and post-pandemic.
“As finance teams are considering returning to the office, a long-term work from home scenario or even a combined approach, they’re trying to figure out the best way to operate effectively in an environment that continues to change,” said Joel Wilhite, Chief Financial Officer at AvidXchange. “Building the right tech stack gives businesses the agility needed to help employees work smarter and reduce their stress, while also helping to prepare for the future in a time when it’s difficult to plan ahead.”
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Despite an increasing reliance on technology and automation, AvidXchange’s research also uncovered a critical disconnect in the addition of new solutions to a finance team’s tech stack. Only 35 percent of businesses are leveraging fully integrated systems to manage their financials. With more than 75 percent of finance teams relying on at least two, and sometimes four or more different applications to govern day-to-day processes, this can have a significant impact on workplace efficiency and productivity.
