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The AvidXchange Customer Experience: What Makes It Great (AP Automation SolutionMap Analysis)

Accounts payable (AP) automation has taken the procurement world by storm recently. One of the perhaps less obvious reasons why is the ability of AP automation solutions to quickly address supplier information management challenges and facilitate supplier collaboration via supplier networks or portals.

AvidXchange, a new participant in the SolutionMap Fall 2020 AP Automation category, exemplifies just these benefits. Its unique combination of services and technology for invoice and payment management is attractive to many organizations seeking to automate or outsource portions of the AP process. And the vendor does this at scale: AvidXchange serves the largest network of unique suppliers in the mid-market, counting more than 680,000 suppliers in North America.

But where does AvidXchange stand out most and help “set the bar” in AP automation, and why should this matter for procurement and finance organizations? Let’s delve into our SolutionMap benchmark for customer scores to find out what makes AvidXchange great.

“What Makes It Great” is a recurring column for SolutionMap Insider subscribers. The columns share insights from SolutionMap updates, which rank offerings from more than 77 vendors in 13 technology areas of procurement. The updates are released in the spring and fall. Based on SolutionMaps’ rigorous evaluation process by our analysts and customer reference reviews, these columns offer quick facts on the vendor, describe where it excels, provide hard data on where it beats the SolutionMap benchmark and conclude with a checklist for ideal customer scenarios in which procurement, finance and supply chain organizations should consider it.

AvidXchange: Vendor Analysis (Part 3) — In-Depth Solution Overview

In this third and final part of our Spend Matters PRO Vendor Analysis of AvidXchange, we provide a detailed solution overview of each main module of the AvidXchange solution.

Part 1 of the series focused on solution strengths and weaknesses, and Part 2 focused on AvidXchange competitors and the technology market that they are in.

In this final section of our coverage, we will look at AvidXchange solutions, which has three main components in one SaaS platform: AP automation, payment services and invoice acceleration — backed by a supplier network of 680,000+ mid-market suppliers across the U.S.

AvidXchange: Vendor Analysis (Part 2) — SWOT, Competitors & Market Overview, Tech Selection Tips

Competitors

In Part 2 of Spend Matter’s look at AvidXchange, we'll provide a company SWOT assessment and an overview of the AP automation market and AvidXchange’s competitors.

The vendors with AP automation create a varied market. We find specialized AP automation solutions that focus on the SME market as well as invoice-to-pay solutions and supplier networks with AP automation capabilities — like e-invoicing, payment processing and even financing. And the procure-to-pay suite vendors can unify the entire payment process with the purchase.

In the case of AvidXchange, it has a very particular focus on the U.S.-based SME market, which makes it compete in a more direct way with AP specialists with a SME focus. However, we do not leave out the possibility that AvidXchange’s competitors come from I2P vendors, supplier networks and P2P providers because some of these are entering the medium-high market of companies with AP automation capabilities.

In Part 1 of this PRO Vendor Analysis, we focused on AvidXchange’s company details, a brief solution overview, and its solution’s strengths and weaknesses. In our third and final installment, we will provide a more in-depth overview of AvidXchange’s platform capabilities.

Let’s look at its opportunities and threats, as well as AvidXchange’s competitors.

AvidXchange: Vendor Analysis (Part 1) — Overview and Solution Strengths/Weaknesses 

In this Spend Matters PRO Vendor Analysis, we will examine AvidXchange’s strengths and weaknesses. The privately held software company automates the accounts payable and payment process. Its market focus targets North America within the middle market businesses in sectors like real estate, homeowners associations, construction, financial services and healthcare.

This series is set up in three parts to help readers doing tech selection or trying to understand competitors in the procurement technology market.

Part 1 will give company details, a brief solution overview, and AvidXchange’s strengths and weaknesses. In Part 2, we will provide a SWOT assessment and an overview of AvidXchange’s competitors and the market landscape. In the final installment, we will provide a more in-depth overview of AvidXchange’s platform capabilities.

Let’s take a look at AvidXchange.