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From Crisis to Prosperity: A Digital Transformation Case Study

Finance in PandemicThe pandemic has changed the way we all live and work. I speak to customers everyday that are living and working through the pandemic. When AvidXchange came to us with their newest quarterly report "From Crisis to Prosperity: Experts Predict Financial Industry's Path Forward", it resonated on many levels. The report features forward-looking articles that formulate a digital transformation case study from industry experts that focus on how to rebuild for growth in the months ahead. They feature articles from:

  • Frank Abagnale - Cybersecurity Consultant and Subject of “Catch Me if You Can”
  • Scott Kelly - NASA Astronaut, Veteran of NASA’s Year in Space Mission
  • Christina Quaine - CISO at AvidXchange
  • Michelle Boykin - Senior Director of Customer Care at AvidXchange
  • Jess Scheer - Executive Editor at the Institute of Finance and Management

Highlights from the Report

Frank Abagnale: Payment and Credit Card Fraud Soar During Pandemic
  • Since the start of the pandemic, payment fraud has increased 20 percent and credit card fraud jumped by more than a third. 
  • Passwords are the reason behind 86 percent of security breaches.
  • Advanced technologies such as automation take security a step further by protecting and providing transparency into critical processes such as bill pay and invoicing.
New call-to-actionScott Kelly: Adapting to Unusual Situations - First-Hand Account from a NASA Astronaut
  • Dealing with the stress of the unknown and adapting to life in space was not unlike what we are facing today as the pandemic catapults us into a new normal and forces us to adjust on the fly.
  • Living and working in space can feel like the walls are closing in. If you’ve been working from home and in quarantine for the past few months, you may relate.
  • It sounds easier said than done, but turning a negative into a positive is simply about being thoughtful about your perception.
Christina Quaine: Guide for Fighting Fraud and Cybercrimes
  • According to research from Gartner, 74 percent of companies expect at least some of their employees to continue working remotely after the pandemic ends.
  • It's important to train employees to be vigilant in spotting dangerous spear phishing email attacks that have increased 667 percent during COVID-19.
  • Nearly two-thirds of organizations identify AI as an important tool to identify cybersecurity threats and 69 percent of organizations believe AI will be necessary to respond to cyberattacks.
Michelle Boykin: Improving Customer Service in the New Normal - A Road Map
  • Keeping an open dialogue with your customers during challenging times is an important part of helping your business recover or grow, as they are essential to your success.
  • You can help customers sustain their operations and at the same time help yours by ensuring that your AP department has the flexibility to approve invoices and make payments securely and efficiently at any time, from any location.
  • Frequent communications, whether virtual or in-person, help team members feel connected and dedicated to being part of the solution.
Jess Scheer: 5 Ways to Bolster your Business Continuity Plan
  • Only one in five [companies] predicted they could sustain operations for more than two months.
  • One-third of organizations were reliant on paper-based, manual processes when the crisis hit.
  • AvidXchange’s research shows that 85 percent of organizations believe automating critical processes like bill pay would help ensure business continuity.

Download the Report

Download the report "From Crisis to Prosperity: Experts Predict Financial Industry's Path Forward," to read more from AvidXchange and their panel of experts. Download here >


About AvidXchange

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AvidXchange is the industry leader in automating invoice and payment processes for midmarket businesses. Founded in the year 2000, AvidXchange processes over $140 billion transactions annually across its network of more than 680,000 suppliers, transforming the way 6,000 customers in North America pay their bills. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,500 employees supporting customers across seven office locations. For more information about AvidXchange, visit www.AvidXchange.com

Topics: business intelligece Software and Technology Industry Disaster Recovery General