Are you looking to add Procure to Pay to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Procure to Pay statistics of 2024.
My team and I scanned the entire web and collected all the most useful Procure to Pay stats on this page. You don’t need to check any other resource on the web for any Procure to Pay statistics. All are here only 🙂
How much of an impact will Procure to Pay have on your day-to-day? or the day-to-day of your business? Should you invest in Procure to Pay? We will answer all your Procure to Pay related questions here.
Please read the page carefully and don’t miss any word. 🙂
On this page, you’ll learn about the following:
Best Procure to Pay Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 27 Procure to Pay Statistics on this page 🙂Procure to Pay Market Statistics
- Europe is expected to account for the 27.28% of the global Procure To Pay software market due to the increasing demand for e procurement in European countries such as U.K., France, Japan, and Germany. [0]
- The procurement software application market will bring in an estimated 4.6 billion U.S. dollars in total revenue in 2021. [1]
- The market is projected to experience a slow but steady expansion in the coming years, with a constant annual growth rate of 4.1 percent. [1]
Procure to Pay Software Statistics
- Europe is expected to account for the 27.28% of the global Procure To Pay software market due to the increasing demand for e procurement in European countries such as U.K., France, Japan, and Germany. [0]
- The procurement software application market will bring in an estimated 4.6 billion U.S. dollars in total revenue in 2021. [1]
Procure to Pay Latest Statistics
- Procure To Pay Software Market To Reach USD 9.2 Billion By 2026 – Reports And Data Procure To Pay Software Market Size – USD 5.0 Billion in 2018, Market Growth CAGR of 7.6%. [0]
- According to the current analysis of Reports and Data, the global Procure To Pay Software Market was valued at USD 5.0 Billion in 2018 and is expected to reach USD 9,2 Billion by year 2026, at a CAGR of 7.6%. [0]
- Reduce invoice processing costs by up to 80%– Going paperless reduces time as well as cost, and enables companies to use employees for more strategic initiatives rather than for repetitive tasks better accomplished by automation. [2]
- The goal would be to get automation to the 75 80 percent range, and this client is working towards that goal. [3]
- According to the 2020 report from The Hackett Group , not much has changed over the last two years when it comes to Procureto. [4]
- Procurement cost structures have been fairly stagnant and automation is far from reaching the 100% target all Chief Procurement Officers dream of. [4]
- In fact, 80% of organizations possess e invoicing solutions but all transactions are not flowing through them. [4]
- Even though electronic invoices are the most efficient way, having 100% of suppliers through this invoice to pay channel is often a challenge. [4]
- Remaining suppliers should be assessed according to two criteria 1) their importance and 2) their technological maturity. [4]
- This is a true differentiator top performers have visibility into 93% of line item spend, versus 41% only for peer group. [4]
- as a procurement team, we’ve increased our spend under management from 60% to 67% over the past 12 months. [5]
- The best practice in spend classification suggests at least 90% accuracy to identify spend opportunities, however reaching a 95% or better accuracy level is crucial for savings tracking and management. [5]
- As the further breakdown occurs for deeper level reporting and tracking management, Sievo’s collaborative classification approach allows spend to be mapped down to the last dimension 100% error free. [5]
- The future is human + machine collaborationEven when category experts can improve classification to close to the 100% error free level, there is still the question of prioritization. [5]
- as a procurement team, we’ve increased our spend under management from 60% to 67% over the past 12 months.”. [5]
- Even when category experts can improve classification to close to the 100% error free level, there is still the question of prioritization. [5]
- Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [1]
- According to a recent Logistics Management annual survey of logistics and supply chain salaries based on 687 respondents, the average supply chain manager salary dropped from $129,000 to $117,000. [6]
- Earning an advanced degree in supply chain management or logistics prepares you to enter into a highly developed industry, projected by the United States Bureau of Labor Statistics to grow 22% between 2012 and 2024. [6]
- The earners in the bottom 10% make an average of $32.04 an hour or $66,630 a year. [6]
- Those in the top are earning $87.87 an hour or $182,780 a year, according to data from the BLS. [6]
- Save 4080% of your time managing invoices and see 1 3% in hard dollar savings thanks to negotiated early payment discounts. [7]
I know you want to use Procure to Pay Software, thus we made this list of best Procure to Pay Software. We also wrote about how to learn Procure to Pay Software and how to install Procure to Pay Software. Recently we wrote how to uninstall Procure to Pay Software for newbie users. Don’t forgot to check latest Procure to Pay statistics of 2024.
Reference
- globenewswire – https://www.globenewswire.com/news-release/2019/09/05/1911800/0/en/Procure-To-Pay-Software-Market-To-Reach-USD-9-2-Billion-By-2026-Reports-And-Data.html.
- statista – https://www.statista.com/statistics/633138/worldwide-procurement-software-market-size/.
- corcentric – https://www.corcentric.com/blog/7-steps-and-7-benefits-of-procure-to-pay/.
- protiviti – https://sapblog.protiviti.com/2019/10/30/reimagining-procure-to-pay-process-to-drive-process-optimization-profit-growth/.
- ivalua – https://www.ivalua.com/blog/procure-to-pay-process-automation/.
- sievo – https://sievo.com/resources/procurement-analytics-demystified.
- planergy – https://planergy.com/blog/supply-chain-management-salaries/.
- jaggaer – https://www.jaggaer.com/solutions/procure-to-pay/.
How Useful is Procure to Pay
One of the main advantages of having a well-functioning Procure to Pay system in place is increased efficiency. By automating and digitizing the procurement process, organizations can reduce the time and resources required to carry out tasks such as purchase requisitions, approvals, and payments. This not only results in cost savings but also allows employees to focus on more strategic activities that add value to the organization.
Furthermore, Procure to Pay systems provide greater visibility and control over the entire procurement process. By centralizing all procurement-related data in one system, organizations can easily track and monitor purchases, expenditures, and supplier performance. This ensures compliance with corporate policies and regulations, reduces the risk of fraud or errors, and leads to better decision-making based on real-time data and insights.
Another key benefit of Procure to Pay is improved supplier relationships. By automating the procurement process, organizations can establish better communication and collaboration with suppliers, leading to greater transparency, trust, and cooperation. This in turn can result in improved pricing, terms, and quality of goods and services, as well as the opportunity for long-term partnerships that benefit both parties.
In addition, Procure to Pay systems can help enhance financial management and forecasting. By tracking and analyzing spending patterns and supplier performance, organizations can better manage cash flow, budgeting, and financial reporting. This allows for more accurate forecasting and planning, leading to better financial outcomes and increased profitability.
However, despite its many benefits, Procure to Pay is not without its challenges and limitations. Implementing and maintaining a P2P system can be complex and costly, requiring significant time, effort, and resources. Organizations may face resistance from employees who are accustomed to traditional procurement methods or lack the necessary training to use the new system effectively.
Furthermore, Procure to Pay systems are only as good as the data and processes they are built upon. Inaccurate or incomplete data, as well as poorly defined or outdated processes, can lead to errors, delays, and inefficiencies within the system. Organizations must ensure that they have robust data management and process improvement strategies in place to maximize the benefits of their Procure to Pay system.
In conclusion, Procure to Pay is an invaluable tool for organizations looking to streamline their procurement process, increase efficiency, and enhance supplier relationships. When implemented and managed properly, P2P systems can deliver significant cost savings, improved visibility and control, better financial management, and enhanced productivity. While challenges exist, the benefits of Procure to Pay far outweigh the drawbacks, making it a valuable asset for any organization looking to optimize their procurement process.
In Conclusion
Be it Procure to Pay benefits statistics, Procure to Pay usage statistics, Procure to Pay productivity statistics, Procure to Pay adoption statistics, Procure to Pay roi statistics, Procure to Pay market statistics, statistics on use of Procure to Pay, Procure to Pay analytics statistics, statistics of companies that use Procure to Pay, statistics small businesses using Procure to Pay, top Procure to Pay systems usa statistics, Procure to Pay software market statistics, statistics dissatisfied with Procure to Pay, statistics of businesses using Procure to Pay, Procure to Pay key statistics, Procure to Pay systems statistics, nonprofit Procure to Pay statistics, Procure to Pay failure statistics, top Procure to Pay statistics, best Procure to Pay statistics, Procure to Pay statistics small business, Procure to Pay statistics 2024, Procure to Pay statistics 2021, Procure to Pay statistics 2024 you will find all from this page. 🙂
We tried our best to provide all the Procure to Pay statistics on this page. Please comment below and share your opinion if we missed any Procure to Pay statistics.