The findings from the payment solution shop are included in its “2024: Anticipating Tomorrow’s Trends” report, which details top issues in the fintech space like fraud mitigation, real-time payments options and analytics in addition to AI and remote work. “Keeping a steady pulse on which areas finance professionals are planning to invest in for the future is key to understanding how the finance function and our customers will evolve,” Dan Drees, president of AvidXchange, said in a statement. “In today’s modern business landscape, it’s important to understand the main concerns and priorities of finance departments as they look to adapt to market changes and deliver superior services to stakeholders.”
The report includes findings from a September survey of 500 finance leaders at mid-market firms across industries. At the top of the list, notes AvidXchange, is the rapid integration of artificial intelligence systems into nearly every segment of the economy.
Notably, 72% of the finance leaders asked reported already using AI in some capacity. Meanwhile, only 12% described their feelings toward implementing the technology as either “hesitant” or “very uncomfortable.” Additionally, almost half of those asked indicate they are offering “upskilling and reskilling opportunities” with another 28% planning to open up their workforce to mentorship programs.
Consulting firm Grand View Research projects the size of the AI market, which was a whopping $136.6 billion last year, to grow at a compound annual rate of more than 37% through 2030. As such, the revenue forecast for 2030 is expected to surpass $1.8 trillion.
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"AXIOS: Consumer Financial Protection Bureau director Rohit Chopra on Tuesday said he’s concerned that a handful of firms and individuals could wield “enormous control over decisions made throughout the world” with advances in artificial intelligence."
Further, the survey indicates a noteworthy gap between the desire to effectively transition to hybrid work and the availability of technologies to support out-of-the-office employees. For example, even though fully 80% of finance departments indicate some version of a hybrid work model, 29% of those asked report hardware, software or other technological challenges inhibiting their efforts.
There were also other concerns expressed in the report regarding how best to integrate employees and technology in the coming year. With respect to training, 19% of those asked pointed to improper technological onboarding of employees as a serious concern, adds the report. In that same vein, 31% report a lack of collaboration and mentorship opportunities with their employees.
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“Demand for financial analysis and reporting among organizational stakeholders is prompting finance teams to invest in tools that automate the reporting process, provide real-time views and simplify report building,” according to the report’s authors.
That financial analysis is being applied to areas like decision-making, error reduction, growth opportunity identification and other critical considerations. The report also notes there will be an increased premium on combatting fraud as close to 30% of those asked reported making that a priority for next year. Similarly, AvidXchange also expects real-time payments to garner a large share of 2024’s operational improvements.
