CASHFLOW MANAGER AVIDXCHANGE FULL

From the supplier perspective, Avid plans to add services built around payment delivery, payment information and financing services. This will be accomplished by providing enhanced invoice and payment visibility to suppliers via AvidвЂ™s Cashflow Manager solution, and providing suppliers with the ability to accelerate payments via AvidвЂ™s Invoice Accelerator solution. The second part of the two-step approach, the вЂњStep to the RightвЂќ, includes a focus on adding value to the supplier experience via new offerings and services.

CASHFLOW MANAGER AVIDXCHANGE FULL

The first product integration, which was completed back in April, enables Avid to offer full P2P functionality to mid-market enterprises whose options were previously somewhat limited.

Avid accomplished this via its acquisition and product integration of Ariett, a Massachusetts-based Procure-to-Pay solution provider that targeted mid-market enterprises. The вЂњStep to the LeftвЂќ includes a move upstream to offer customers expanded spend management capabilities including analytics, contracts, and full Procure-to-Pay. Expand OfferingsДЄvidвЂ™s plan to expand its footprint was explained by a simple вЂњStep to the Left and a Step to the RightвЂќ approach. The partnership opportunity remains massive and is a key part of AvidвЂ™s future growth. The solutions are delivered via the bank partners, and while card solutions will play a prominent role, the focus of the partnership is to include the full range of B2B partners. The exclusive partnership matches AvidвЂ™s expertise in delivering ePayables solutions to the mid-market, with MasterCardвЂ™s payment network and processing, specifically the MasterCard B2B Hub.

One of the lead investors in this round of financing was MasterCard, which also announced a partnership with Avid focused on delivering accounts payable and B2B payment automation to small and mid-sized enterprises. Distribution & ScaleДЄvid checked the distribution and scale boxes last year when it announced a $300 million investment to help accelerate its growth and scale its operations. Mike laid out three primary strategies for Avid in 2018: (1) Distribution and Scale (2) Expand Offerings (3) Build a Great team that we will discuss below. Mike also expects that Avid will sign roughly 1,000 new customers in 2018, and believes that AvidвЂ™s transition to a full-fledged network provider, its more broad-based horizontal sales approach, and its ability to build out its supplier-centric value proposition, will be keys to getting there. The opportunities ahead for the company remain largely greenfield ones where there is no current automation in place. In 2018, Mike says that the company is focused on reimagining its business to become a platform that provides value to all network participants (buyers/payers and suppliers), while also extending its business upstream into procurement and full supply management. AvidвЂ™s core purpose is to вЂњrevolutionize how companies pay their bills,вЂќ and for Mike, this means that his company has to provide the technology infrastructure to support the underlying business B2B payment processes of its customers. Mike Praeger, AvidвЂ™s Founder and CEO, kicked off day one with a keynote presentation that outlined AvidвЂ™s key themes and strategies for 2018.

The impact of the network growth is most evident by the fact that new buy side customers joining the Avid network now see, on average, that 28% of their current suppliers are already active participants on the network. Last year, Avid added almost 700 new customers on the buy side and is approaching 6,000 total buy side customers its Value Xchange network now includes more than 160,000 suppliers, and is adding 1,200 more each week. What makes Avid unique is that it has generated such significant growth by focusing on the mid-market, making it one of the few in the industry to be able to do so. That alone doesnвЂ™t make it unique since the ePayables market is one with large opportunities for solution providers. AvidXchange, a North Carolina-based provider of invoice automation and payment processes for mid-market companies, has experienced phenomenal growth in recent years. AvidXchange held its annual user conference, Revolution 2018, in Chicago last week and we both attended the full conference and the pre-conference partner meetings.

Cashflow manager avidxchange