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SURVEY: VIRUS TRIGGERS SYSTEM BUYS Featured

Three quarters of respondents in a survey of finance professionals by AvidXchange say they have implemented at least one new technology or system as a result of the COVID-19 outbreak. The payments software company received responses from 500 finance executives.

AvidXchange also found not surprisingly, that businesses are using many applications to run operations. Only 35 percent of respondents reported having fully integrated systems to managed financials while 75 percent said they use at least two applications to manage day-to-day process. Seventy-eight percent said new automation and technology would help reduce rising stress stemming from the conditions imposed by the virus outbreak and 84 percent believe new technology would help them work more efficiently both during and post-pandemic. The survey also found the virus response has changed patterns for work weeks and paid time off. Twenty-six percent are working longer hours; 33 percent have changed or canceled vacations; 14 percent said their sleep was interrupted by incoming work emails or telephone calls. Seventy-nine percent have canceled some paid time off. Of these, 24 percent canceled one to three days; 28 percent four to six days; 17 percent six to 10 days; and 10 percent, ten or more days.

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