Accounts payable (AP) automation software and payment solutions provider AvidXchange has introduced 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—a method that 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., says AvidAnalytics is a much more efficient way to pull report data from the AvidXchange platform than its traditional reporting methods, which includes doing some of this work manually. “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.”
AvidXchange launched AvidAnalytics because it knows its buyer customers are managing huge amounts of data through their invoices, purchase orders and payment transactions, and standard reporting methods for spend management no longer cut it in today’s digital-first era.
“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,” says Serdar Dincaslan, Senior VP of Business Insights, Decision Science & Network Growth for AvidXChange.
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