Procure to Pay Statistics 2023 – 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 2023.

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 🙂

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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 2023. ^[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 2023.

Reference

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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

One of the key advantages of implementing a P2P system is the streamlining of the procurement process. Traditionally, businesses were burdened with manual and time-consuming tasks involving purchase requests, supplier selection, order placement, and tracking. However, by integrating technology and automation, P2P solutions centralize and digitize these processes, reducing the chances of human error and ensuring greater accuracy and traceability. The visibility provided by P2P systems allows for improved tracking of spending and inventory, facilitating better decision-making around procurement.

Furthermore, the digitalization and automation of procurement activities contribute to enhanced compliance and risk management. A robust P2P system enforces adherence to internal policies and external regulations, minimizing the possibility of unauthorized or non-compliant transactions. By introducing various control mechanisms such as automated approvals, audit trails, and system-generated alerts, organizations can detect and address any potential fraudulent or suspicious activities promptly. Such a structured approach mitigates the financial and reputational risks associated with non-compliance, paving the way for improved process reliability.

Another fundamental benefit of adopting a P2P system is the potential cost savings it can generate for businesses. By standardizing procurement processes, increasing transparency, and leveraging supplier relationships, organizations improve their negotiating power, driving favorable terms and conditions with suppliers. Moreover, P2P systems automate invoice matching, three-way matching, and contract compliance checks, resulting in timely payment processing and fewer errors. As a result, companies may benefit from higher supplier discounts, reduced late payment penalties, and more efficient cash management. By optimizing purchasing cycles and reducing administrative costs, P2P solutions offer considerable opportunities for financial savings.

Moreover, the implementation of a P2P system facilitates better collaboration among all stakeholders involved in the procurement process. By eliminating silos and enabling information sharing and real-time communication, organizations can enhance relationships with both internal teams and external suppliers. The availability of accurate data ensures better analysis and insights, enabling informed decision-making and promoting proactive supplier engagement. Additionally, P2P systems offer self-service portals for suppliers, improving transparency and ensuring timely resolution of any related issues or concerns.

Critics of P2P argue that the implementation and operational costs associated with putting such systems in place can pose initial challenges for organizations. Despite some initial infrastructure costs, it is important to acknowledge that the long-term benefits outweigh these demands. The investment in a P2P system demonstrates an organization’s commitment to efficiency and adaptability and positions it more competitively in the market. Furthermore, the potential return on investment by leveraging the system’s capabilities for cost savings, risk management, and process optimization make it a worthwhile endeavor for forward-thinking companies.

In conclusion, the usefulness of the Procure to Pay process cannot be overlooked. With its potential to streamline procurement, enhance compliance, drive cost savings, and promote collaboration, P2P is undoubtedly a valuable asset for organizations. By implementing a robust P2P system, businesses gain operational efficiencies, financial savings, and risk mitigation capabilities. Furthermore, the continued advancements in technology will likely introduce more innovative features that will further augment the effectiveness of the Procure to Pay process, making it an essential tool for success in today’s rapidly evolving business environment.

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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.