AvidXchange Announces Winners of the Inaugural Change Maker Awards
AvidXchange (AVDX) announced winners of its inaugural Change Maker Awards, recognizing six AP professionals who drove innovative changes in their organizations. The winners implemented AvidXchange's AP automation solutions, achieving significant improvements including: cost savings ranging from $45,000 to $100,000 annually, reduced payment processing times, increased supplier satisfaction, and enhanced operational efficiency. Notable achievements include reducing invoice approval times by up to 30%, decreasing processing times from 14 to 5 days, and cutting administrative tasks from 40 to 10 hours weekly. Winners will be featured on the Nasdaq Tower and receive $1,000 donations to their chosen charities.
AvidXchange (AVDX) ha annunciato i vincitori dei suoi primi Change Maker Awards, premiando sei professionisti dell'AP che hanno guidato cambiamenti innovativi nelle loro organizzazioni. I vincitori hanno implementato le soluzioni di automazione dell'AP di AvidXchange, raggiungendo notevoli miglioramenti tra cui: risparmi sui costi che vanno da $45,000 a $100,000 all'anno, riduzione dei tempi di elaborazione dei pagamenti, aumento della soddisfazione dei fornitori e miglioramento dell'efficienza operativa. Tra i successi notevoli ci sono la riduzione dei tempi di approvazione delle fatture fino al 30%, la diminuzione dei tempi di elaborazione da 14 a 5 giorni e la riduzione delle attività amministrative da 40 a 10 ore settimanali. I vincitori saranno presentati sulla Torre Nasdaq e riceveranno donazioni di $1,000 alle loro organizzazioni benefiche scelte.
AvidXchange (AVDX) anunció a los ganadores de sus primeros Change Maker Awards, reconociendo a seis profesionales de AP que impulsaron cambios innovadores en sus organizaciones. Los ganadores implementaron las soluciones de automatización de AP de AvidXchange, logrando mejoras significativas que incluyen: ahorros de costos que van desde $45,000 hasta $100,000 anuales, reducción de los tiempos de procesamiento de pagos, aumento de la satisfacción de los proveedores y mejora de la eficiencia operativa. Los logros notables incluyen la reducción de los tiempos de aprobación de facturas en hasta un 30%, disminución de los tiempos de procesamiento de 14 a 5 días, y recorte de las tareas administrativas de 40 a 10 horas semanales. Los ganadores serán presentados en la Torre Nasdaq y recibirán donaciones de $1,000 para sus organizaciones benéficas elegidas.
AvidXchange (AVDX)는 혁신적인 변화를 이끌어낸 6명의 AP 전문가를 인정하는 첫 번째 Change Maker Awards의 수상자를 발표했습니다. 수상자들은 AvidXchange의 AP 자동화 솔루션을 구현하여 연간 $45,000에서 $100,000에 이르는 상당한 비용 절감, 결제 처리 시간 단축, 공급업체 만족도 증가 및 운영 효율성 향상과 같은 중요한 개선을 이루었습니다. 주목할 만한 성과로는 송장 승인 시간을 최대 30% 단축시키고, 처리 시간을 14일에서 5일로 줄이며, 주간 관리 업무 시간을 40시간에서 10시간으로 줄이는 것이 포함됩니다. 수상자들은 나스닥 타워에 소개되며 선택한 자선단체에 $1,000의 기부금을 받게 됩니다.
AvidXchange (AVDX) a annoncé les gagnants de ses premiers Change Maker Awards, reconnaissant six professionnels de l'AP qui ont provoqué des changements innovants au sein de leurs organisations. Les lauréats ont mis en œuvre les solutions d'automatisation de l'AP d'AvidXchange, réalisant des améliorations significatives, notamment : des économies de coûts allant de 45 000 à 100 000 dollars par an, des délais de traitement des paiements réduits, une satisfaction accrue des fournisseurs et une efficacité opérationnelle améliorée. Parmi les réalisations notables, on trouve la réduction des délais d'approbation des factures jusqu'à 30 %, la diminution des délais de traitement de 14 à 5 jours et la réduction des tâches administratives de 40 à 10 heures par semaine. Les gagnants seront présentés sur la Tour Nasdaq et recevront des dons de 1 000 $ pour leurs associations caritatives choisies.
AvidXchange (AVDX) hat die Gewinner seiner ersten Change Maker Awards bekannt gegeben, die sechs AP-Profis ehren, die innovative Veränderungen in ihren Organisationen vorangetrieben haben. Die Gewinner haben AvidXchange's AP-Automatisierungslösungen implementiert und bedeutende Verbesserungen erzielt, darunter: Kostenersparnisse von $45,000 bis $100,000 jährlich, Verkürzung der Zahlungsbearbeitungszeiten, erhöhte Zufriedenheit der Lieferanten und verbesserte Betriebseffizienz. Zu den bemerkenswerten Erfolgen gehört die Reduzierung der Rechnungsfreigabezeiten um bis zu 30%, die Verringerung der Bearbeitungszeiten von 14 auf 5 Tage und die Kürzung der administrativen Aufgaben von 40 auf 10 Stunden pro Woche. Die Gewinner werden im Nasdaq Tower vorgestellt und erhalten $1,000 an Spenden für ihre ausgewählten Wohltätigkeitsorganisationen.
- Multiple customers reported significant cost savings ranging from $45,000 to $100,000 annually
- Demonstrated successful implementation cases with measurable efficiency improvements
- Customer success stories showing reduced payment processing time from 14 to 5 days
- Evidence of increased supplier satisfaction by 30%
- Proven reduction in administrative tasks from 40 to 10 hours weekly
- None.
Insights
This awards program showcases significant cost savings and efficiency gains achieved through AvidXchange's AP automation solutions. Key metrics from the winners demonstrate compelling ROI:
- Annual hard cost savings ranging from
$45,000 to$100,000 - Payment processing time reduced from 14 days to 5 days
30% increase in supplier satisfaction- Invoice approval time improvements of up to
30% - Administrative time reduced from 40 to 10 hours weekly
The 2024 honorees feature six innovative accounts payable professionals who are driving transformative change in the industry
CHARLOTTE, N.C., Oct. 23, 2024 (GLOBE NEWSWIRE) -- AvidXchange, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced the winners of the inaugural Change Maker Awards, recognizing individuals who have driven innovative and transformative change in the AP industry.
Change Makers:
For this award program, AvidXchange honors those who embodied being a “change maker,” or someone who facilitates or brings about change in their AP department through innovative processes, automated procedures or other creative solutions.
- Alexis Bates, Director of Construction and Development Accounting, Robert High Development: In response to the demand for faster, more secure subcontractor payments, Alexis spearheaded the implementation of AvidXchange’s end-to-end AP automation solution built for construction. The payment process is now more streamlined, saving her company over
$100,000 annually in hard costs like check stock and postage and eliminating the need to hire additional staff due to increased efficiency. Additionally, with a more robust approval process, her team has experienced fewer errors and implemented a stronger system for checks and balances. - Ella Hu, Corporate Accountant, HH Red Stone: Ella played a key role in implementing AvidXchange’s payment automation solution, replacing manual processes that were prone to errors and delays. The adoption of a more efficient process resulted in annual savings of
$45,000 and reduced payment processing time from 14 days to just 5. Ella’s efforts also led to a30% increase in supplier satisfaction, as suppliers now receive more timely payments with clearer status updates. - Farzana Sarpas, Staff Accountant – Development Accounting, Rancho Mission Viejo: Farzana led the implementation of AvidXchange’s end-to-end AP automation solution built for construction. She played a key role in integrating an innovative system that utilizes a newly created company portal designed to automatically import, code, and route invoices to AvidXchange, fully automating the AP process and saving approximately 40 hours each week. In addition to eliminating a variety of time-consuming tasks, Farzana created personalized virtual trainings and user guide manuals for her company and suppliers, ensuring a seamless transition to the new AP software.
- Ja’Net Penn, Accounting Manager, Peak Property Management: Under Ja’Net’s innovative leadership, Peak Property successfully transitioned to a fully automated, paperless AP process with AvidXchange. This shift reduced invoice approval times by
30% and improved customer retention, allowing the company to focus on stable revenue streams rather than new client acquisition costs. Ja’Net also introduced a key KPI to track unapproved invoices, increasing accountability in the approval process and improving relationships with suppliers and property owners, with on-time payments reaching95% . - Kelly Brummer, Controller AVP, Premier Bank: Kelly’s efforts to modernize the accounts payable and expense reimbursement processes with AvidXchange had a transformative impact on Premier Bank, resulting in annual savings of approximately
$79,000. Administrative tasks for all employees were reduced from 40 hours per week to just 10, freeing up valuable time for the finance team to focus on more strategic work. Her CFO praised her for driving a more efficient and delivering a seamless experience for the team. - Shannon Powers, Manager of HRIS & AP, Energo: Shannon implemented enhanced workflows within AvidXchange’s invoice automation solution, reducing invoice approval time to under 24 hours. The streamlined process has also improved accuracy, with error rates now nearly “non-existent”. Reporting now takes just 15 minutes, down from an hour, increasing operational efficiency and saving on payroll costs. Shannon implemented enhanced workflows within AvidXchange’s invoice automation solution, reducing invoice approval time to under 24 hours. The streamlined process has also improved accuracy, with error rates now nearly “non-existent.” Reporting now takes just 15 minutes, down from an hour, increasing operational efficiency and saving on payroll costs.
“Innovation in accounts payable goes beyond improving processes—it’s about making change that has a lasting impact on both financial and operational success," said Michael Praeger, Co-Founder, Chairman, and Chief Executive Officer of AvidXchange. "Our inaugural class of Change Makers embodies this forward-thinking mindset, and we are proud to honor these individuals whose bold contributions will continue to shape the future of our industry.”
In recognition of their outstanding contributions to the accounts payable industry, each winner will be showcased on the iconic Nasdaq Tower, as well as have
Nominations for the 2025 Change Maker Awards will open in August 2025.
To learn more, visit avidxchange.com/awards.
About AvidXchange
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 1.2 million supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit avidxchange.com.
Contact:
Kevin Logan
Manager, Corporate Communications
pr@avidxchange.com
FAQ
What cost savings did AvidXchange (AVDX) customers report in the 2024 Change Maker Awards?
How did AvidXchange (AVDX) improve payment processing times according to the 2024 awards?
What operational improvements did AvidXchange (AVDX) solutions achieve for the 2024 award winners?
