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 key advantages of using a Procure to Pay system is the increased efficiency it brings to the procurement process. By automating traditionally manual tasks such as raising purchase orders, sending approvals and processing invoices, businesses can significantly reduce the time and effort required for these tasks. This efficiency not only saves time and money but also allows employees to focus on more strategic tasks, ultimately boosting productivity across the organization.
Furthermore, Procure to Pay systems can help organizations gain better control over their spending. By implementing automated approval workflows and setting predefined spending limits, businesses can ensure that all purchases are in line with company policies and budgets. This not only helps prevent unauthorized spending but also enables businesses to better track and analyze their expenses, leading to more informed financial decisions.
Another benefit of using a Procure to Pay system is the increased visibility it provides into the entire procurement process. From requisition to payment, businesses can track each step of the procurement workflow in real-time, allowing for greater transparency and accountability. This increased visibility not only helps businesses identify bottlenecks and inefficiencies in their procurement process but also enables them to better manage supplier relationships and negotiate more favorable terms.
Additionally, Procure to Pay systems can help businesses reduce the risk of errors and fraud in their procurement process. By automating tasks such as invoice matching and payment reconciliations, businesses can significantly reduce the risk of manual errors that could lead to overpayments or miscalculations. Furthermore, by implementing controls such as two-way matching and segregation of duties, businesses can mitigate the risk of fraud and ensure compliance with regulatory requirements.
In today’s rapidly evolving market landscape, businesses are under increasing pressure to adapt to changing market conditions and emerging technologies. Procure to Pay systems offer businesses a way to not only streamline their procurement process but also drive operational excellence and improve their bottom line. By leveraging the power of automation and digitization, businesses can transform their procurement function from a back-office cost center to a strategic enabler of growth and innovation.
As businesses continue to embrace digital transformation, Procure to Pay systems will become an indispensable tool for organizations seeking to stay ahead of the competition and drive sustainable business success. The benefits of efficiency, control, visibility, and risk reduction that these systems offer make them a worthwhile investment for businesses of all sizes and industries. By embracing Procure to Pay, businesses can unlock new opportunities for growth, improve their competitive advantage, and drive long-term value for their stakeholders.
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.