New premium business intelligence solution offers spend management capabilities beyond standard industry reporting
CHARLOTTE, N.C., Feb. 07, 2023 (GLOBE NEWSWIRE) — AvidXchange (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today 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.
“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 manually,” said David Bennett, Senior AP Manager of Remedy Medical Properties Inc. “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,” said Serdar Dincaslan, Senior Vice President of Business Insights, Decision Science & Network Growth. “With AvidAnalytics, we’re putting the power back into the buyer customers’ hands to glean the