New Research Uncovers the "New Normal" in Finance: Economic Challenges Drive Middle Market Teams to Accelerate Digital and AI Adoption

Economic Concerns and Business Adjustments: A recent survey by AvidXchange reveals that 86% of finance professionals are worried about the economy, leading to significant changes in business plans, including cutting discretionary spending and implementing hiring freezes.

Investment in AI and Technology: Nearly half of the finance teams plan to increase their investment in AI for operational efficiency, with over 50% prioritizing technology proficiency in hiring, reflecting a shift towards continuous learning and adaptability.

Payment Security Challenges: While 66% of companies are moving towards digital payments, 43% cite security concerns as a major barrier, highlighting a paradox where innovations also increase security risks, despite improvements in fraud detection.

Automation as a Competitive Necessity: The survey indicates that automation and AI are essential for middle market businesses to remain competitive, with many reporting significant time savings and operational efficiency gains from these technologies.