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AvidXchange research identifies gaps in business continuity

Thursday 19 March 2020 15:23 CET | News

US-based AP automation company AvidXchange has issued a survey showing that only 37% of businesses can employees to work from home as part of their continuity strategy

 

This new research shows that just over 60% of businesses have a continuity plan in place, but only 37% actually have the necessary technology to enable employees to work from home as part of their strategy.

The study reveals a similar gap in technology preparedness in connection to mission critical processes like managing invoices and making payments. If finance staff had to work from home, only 54% of businesses would be able to make all of their payments and more than half of business leaders would anticipate a significant impact on their finance team's ability to process invoices.

AvidXchange's research also shows how a lack of technology in business continuity planning could ultimately create cash flow issues for businesses, as more than 40% of businesses would make at least some late payments if finance staff had to work remotely and 12% believe all payments would be late. In comparison, only one in five businesses would be able to operate normally for more than a few weeks if cash flow was interrupted due to late payments.



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Keywords: AvidXchange, AP automation, accounts payable automation, B2B payments, US, United States, North America, coronavirus, COVID-19, continuity plan, survey, work from home
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: United States
This article is part of category

Banking & Fintech