As middle market companies keep close watch over looming economic factors threatening to throw them off course, they are increasingly mindful of protecting their cash flow and finding ways to future-proof their business. Joseph Fox, chief product officer, AvidXchange, shares how investing in AI solutions for the finance department can help create more efficiencies, fill skill gaps, and provide newfound visibility into invaluable data to strengthen the entire organization.
Mid-size companies are outpacing enterprises in their adoption of artificial intelligence (AI), according to Deloitte’s latest State of AI in the Enterprise survey. The report shows that 80% of mid-size companies intend to increase their annual AI investments, a jump from 25% in 2018.
This comes as no surprise, given that the benefits of AI can be helpful for nearly every area of middle market business. For instance, the technology can provide stronger supply chain management, more targeted marketing, and tighter security. The finance department is another core business area that should not be overlooked when it comes to AI adoption, as finance leaders can benefit from AI modernization and, perhaps, have never needed it more.
Amidst today’s economic upheaval — inflation, a possible recession and shortages on everything from microchips to staff — the finance team is charged with minding its organization’s bottom line. The company’s future often depends on the team’s success. AI-driven solutions can help ensure that the organization stays afloat, can more readily adapt to change, and is better positioned to seize competitive advantage to ensure a more profitable future.