AvidXchange (Nasdaq: AVDX), a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced AvidAnalytics, a premium Business Intelligence (BI) solution.
AvidAnalytics offers buyer customers custom reporting methods “to help improve spend management and drive stronger results and efficiency for the organization.” It goes beyond standard industry methods “with tools like intelligent analytics, immersive dashboards and embedded data visualizations.”
These tools within the BI solution “provide increased visibility into the AP process, versus traditional manual methods, by featuring the organization’s purchase orders, invoices and pay data on interactive, visual dashboards within AvidInvoice, AvidPay and AvidBuy platforms.”
This functionality also “allows users to drill into specific areas of interest and data to get more actionable insights in the solution, an ability traditional manual reporting does not offer.”
David Bennett, Senior AP Manager of Remedy Medical Properties Inc., said:
“AvidAnalytics is a much more efficient way to pull report data from the AvidXchange platform than our traditional reporting methods which included doing some of this work manuall. Having real-time access to data is essential for any organization so an improvement to, or time saved on, the process of gathering check payment statuses and approval metrics, or helping with report curation, is extremely valuable. We launched AvidAnalytics because we know our buyer customers are managing an incredible amount of data through their invoice, purchase order and payment transactions, and standard reporting methods for spend management no longer cut it in today’s digital-first era.”
Serdar Dincaslan, Senior Vice President of Business Insights, Decision Science & Network Growth, said:
“With AvidAnalytics, we’re putting the power back into the buyer customers’ hands to glean the insights they need from analyzing and reporting on their data to help strengthen the business overall.”
As noted in the update, AvidXchange is a 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 825,000 supplier customers of its buyers over the past five years.”
Additionally, AvidXchange, Inc. is “a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.”