CHARLOTTE, N.C., Sept. 17, 2024 (GLOBE NEWSWIRE) — AvidXchange, Inc., a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced the results of their 2025 Trends Survey, highlighting the top priorities and concerns of finance leaders looking ahead to the new year. After polling 500 middle market finance leaders in August 2024, key findings revealed continued focus on security, increasing use of cloud-based solutions, and desire to realize return on investment from AI initiatives.
AI and ROI
According to the survey, 76% of finance departments recognize the value of using AI within their finance department to improve efficiency and decision-making. In spite of this, 71% of finance leaders have concerns about measuring the return on investment from their AI initiatives, emphasizing the need for employee training and upskilling programs to maximize benefits.
Security Remains a Key Focus Area
Security, including fraud and phishing attempts, is the number one concern for the majority of finance departments as they prepare for 2025. The survey showed that more than three quarters of finance departments have either fallen victim to or detected cyberattacks in the past year. This rise in cyberattacks along with concerns of fraudsters beginning to leverage advanced technologies, such as AI-generated deepfakes and voice cloning, has resulted in an intensified focus from finance departments to increase cybersecurity measures to make sure their organizations are protected.
Cloud Adoption Expands
With a focus on centralizing processes and supporting remote and hybrid work models, finance departments are continuing to reevaluate their cloud usage. 76% of finance leaders view cloud-based technology as critical or favorable to their operations, and only 4% indicated that none of their finance work is currently conducted in cloud-based technologies, representing a trend towards solutions that offer the flexibility and security needed for modern work environments.
The Finance Function Is Evolving
Financial professionals have seen their scope expand as the finance function continues to evolve with 87% of survey respondents reporting new responsibilities such as data analytics, financial technology integration, and strategic business advisory roles. Through the use of data-driven insights, finance teams are becoming an increasingly important influence on business growth and operational efficiency.
“As we enter 2025, the finance landscape continues to rapidly evolve,” said Dan Drees, President of AvidXchange. “From the rise of AI to increased cybersecurity risks, to the adoption of cloud-based technology, finance leaders must stay agile. At AvidXchange, we are committed to being a trusted partner that empowers our customers to navigate these trends with confidence through innovative solutions that will set them up for success in the long term.”
To read the full list of 2025 Trends, visit www.avidxchange.com/resources/2025-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-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 1.2 million supplier customers of its buyers over the past five years. 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.
Media Contact:
Kevin Logan
Manager of Corporate Communications
AvidXchange
[email protected]
Bay Street News
