Procure to Pay Statistics 2024 – Everything You Need to Know

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. 🙂

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


  1. 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.
  2. statista – https://www.statista.com/statistics/633138/worldwide-procurement-software-market-size/.
  3. corcentric – https://www.corcentric.com/blog/7-steps-and-7-benefits-of-procure-to-pay/.
  4. protiviti – https://sapblog.protiviti.com/2019/10/30/reimagining-procure-to-pay-process-to-drive-process-optimization-profit-growth/.
  5. ivalua – https://www.ivalua.com/blog/procure-to-pay-process-automation/.
  6. sievo – https://sievo.com/resources/procurement-analytics-demystified.
  7. planergy – https://planergy.com/blog/supply-chain-management-salaries/.
  8. jaggaer – https://www.jaggaer.com/solutions/procure-to-pay/.

How Useful is Procure to Pay

At its core, P2P is a system that helps businesses manage the entire procurement process, from requisitioning goods to paying vendors. This end-to-end solution aims to automate and optimize the workflow, reduce errors, and provide better visibility into the company’s spending. In theory, this sounds like a great way to improve overall efficiency and save time and money. But how does it actually stack up in the real world?

One of the greatest benefits of P2P is its ability to centralize the procurement process. By having all purchasing activities in one place, companies can ensure compliance with purchasing policies, easily track orders and invoices, and have a better understanding of where their money is going. This centralized approach can also help to standardize the procurement process across different departments or locations within the organization, leading to greater consistency and control.

Another key advantage of P2P is the potential for cost savings. By automating manual processes, reducing errors, and eliminating paper-based systems, companies can cut down on processing times, improve supplier relationships, and ultimately reduce their overall costs. Additionally, by having better visibility into spending patterns, businesses can identify areas where they can negotiate better deals or consolidate their spend with preferred suppliers.

Improved data accuracy is also a major benefit of P2P. By capturing data electronically and eliminating manual data entry, companies can reduce the risk of errors and ensure that their financial reports are accurate and up-to-date. This not only saves time but also provides greater peace of mind to employees and stakeholders who rely on this data for decision-making purposes.

Lastly, P2P can help companies improve their cash flow management. By streamlining the approval and payment process, companies can reduce the time it takes to process invoices and make payments, leading to faster turnaround times and more control over their working capital. This can be especially important for businesses that operate on tight budgets or have seasonal fluctuations in their cash flow.

While there are many benefits to using P2P, it is important to note that implementing this type of software is not without its challenges. Companies may face resistance from employees who are accustomed to traditional procurement processes or who are reluctant to adopt new technology. There may also be upfront costs associated with purchasing and implementing the software, as well as ongoing training and maintenance costs.

Overall, P2P can be an incredibly useful tool for companies looking to improve their procurement processes, increase efficiency, and reduce costs. By centralizing procurement activities, standardizing processes, and improving data accuracy, businesses can gain better control over their spending and make more informed decisions. While there may be challenges associated with implementing P2P, the potential benefits far outweigh the drawbacks.

In Conclusion

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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.




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