Procure-to-pay is not a technology, but an entire procurement process, or its components such as billing, or related processes, such as stock management and financial accounting, which is managed through a software. Good procurement-to-pay (P2P) solutions are capable of managing large amounts of expenses by removing non-contract purchasing maverick. However, simply installing a payment tool does not guarantee an enterprise better reporting, use or compliance.
Given the complexity of procurement processes in most businesses, it is not surprising that some software providers have tried to develop what they say are end-to-end suites that automatically integrate every step. However, the reality is that payment has begun as a manual process, mainly on paper, and in recent decades, components are gradually computerized. This is leading to an awakening in the global procure-to-pay solutions market, which is expected to provide lucrative growth opportunities to market players.
Outsourcing/Mobile Solutions to Emerge as Key Market Trend
The emergence of mobile P2P technology is one of the most recent trends in this market. Mobile solutions are being adopted by organizations to manage the end-to-end transaction procurement and SCM procedures. Mobile solutions offer convenient payment solutions, including buying management and order tracking. The additional mobile device functionality also helps procurement experts to communicate with suppliers in real time. Several IT solution provider in the market are developing mobile solutions that can be installed on iOS and Android to develop end-to-end procurement outsourcing solutions. These leading trends are expected to have a positive impact on the growth of the global procure-to-pay solutions market in the coming years.
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Improved analysis and data-driven sourcing are key factors driving the procurement-to-pay solutions. Through strategic source savings, the total cost of the company infrastructure can be minimized. The additional functionality in mobile devices also enables procurement specialists to discuss suppliers successfully in real time. Nevertheless, certain factors could restrict market growth, such as compliance issues, regulations, and contracts.
Growth of SME’s to Bolster Asia Pacific Procure-to-Pay Solutions Market
North America is the dominant area for the procurement solutions, and that will continue in the next few years. In the BFSI sector in this region, the increase in procurement solutions is the factor that contributes to the market growth. Several of the region’s leading financial services outsource procurement solutions to access advanced technologies like procurement analysis services. This has a positive impact on the market size of the procurement payment. The Procure-to-Pay Solutions market in Europe and Asia-Pacific has grown considerably because small-and-medium-sized businesses have moderated their acceptance of Procure-to-Pay Solutions. This is expected to bolster the regional market to large extent in the coming years.
Some of key vendors operating in the global procure-to-pay solutions market are Comarch SA, SAP SE, Bertelsmann SE & Co., ProActis, Zycus Inc., GEP, Infosys Limited, and Ariba Inc.