The pandemic has changed the way we all live and work.
Needless to say, it’s been tough to adjust to our new routines and irregular schedules, and to deal with not having access to the tools needed to maintain operations.
That’s why we checked in with senior finance executives at more than 500 U.S. businesses to see how they’re holding up and what could make their work life better.
We asked them how the pandemic has impacted their overall wellbeing and balance.
We asked them, too, about advanced technologies, like automation, and whether they have implemented them to reduce stress and increase efficiencies. And, if so, how are they working out?
Here’s what they told us:
Rest? Who Has Time for That?
It likely comes as no surprise that 66 percent of finance professionals—from middle managers to CFOs—have higher stress levels due to the impacts of the pandemic.
While many are working from home, and therefore, avoiding lengthy commutes that once chipped away at their free time, their workdays are longer than they used to be.
Sixty percent have worked longer hours, lost sleep due to stress or have had sleep interrupted by work calls or emails.
Regarding PTO, for 80 percent it’s a distant memory.
Technology Helps Reduce Rising Stress
When the pandemic first hit, many organizations were operating without continuity plans or from plans that didn’t account for the technology they would need to sustain the business.
Now, four months in, three out of four businesses have implemented at least one new technology or system to enable work, reduce pressures and provide agility as they navigate a rapidly changing work environment.
For those who haven’t yet amped up their tech stack, 78 percent agree new automation and technology would help to further reduce rising stress levels.
Eighty-four percent also believe emerging technologies would help them work more efficiently, now and after the pandemic.
Uncovering a Critical Disconnect
What good is technology if it can’t work well with others? Turns out, not so good.
Our research discovered that new tech solutions aren’t necessarily merging with the rest of the finance team’s tech stack. Only 35 percent of businesses are leveraging fully integrated systems to manage their financials.
More than 75 percent of finance teams are relying on at least two, and sometimes four or more different applications, to govern critical day-to-day processes. The juggle to manage these disparate systems can take a significant toll on their efficiency and productivity.
Teams are learning that ensuring connectivity between solutions is key to simplifying processes, reducing costs, and keeping data free-flowing for better visibility and smarter decision making.
Want to learn more about how integrating emerging technologies like AP automation can help your team deal with the stresses of disparate systems and manual payment processes?
Check out AvidXchange’s suite of AP and payment automation software solutions or schedule a demo with us today!