Procure-to-Pay Solutions (P2P) are completely integrated solutions that are implemented by a majority of the companies to back end-to-end operational processes. They manage and automate the source-to-pay process swiftly. P2P solutions aid enterprise to make strategic structure for managing enterprise operation to enhance their overall process effectiveness and efficiency. They are utilized for carrying out company’s numerous functionalities like customer relationship management (CRM) and enterprise resource planning (ERP). Also, P2P assist in handling shipments data, banking financials, and multiple supplier statements to goods and payments received.
The key factor projected to drive the growth of the global procure-to-pay solutions market is the advent of the cloud-based unified procure pay solutions. Further, the implementation of time-saving and high-quality software, like e-invoicing software, invoice recording, and purchase requisition software solutions, are also expected to boost the growth of the market during the forecast period. Also, enhanced spend analysis and data-driven sourcing are other factors propelling the market growth positively. In addition, it also provides strategic sourcing saving for curtailing overall expenditure enterprise infrastructure. Nevertheless, conforming to policies, regulations, and contracts are the key limitations confronted by the merchants within the global procure-to-pay solutions market.
The global procure-to-pay solutions market can be segregated based on type, application, and region. On the basis of type, the global market is categorized into on-premise and SaaS. On the basis of application, the market is bifurcated into healthcare, automotive, telecommunication, BFSI, retail, and oil & gas.
Geographically, the global procure-to-pay solutions market is projected to be governed by North America, during the forecast period followed by Europe and Asia Pacific. The North America market growth can be attributed to the extensive implementation of P2P solutions by the BFSI industries. In Asia Pacific and Europe regions, the market is boosting considerably due to significant implementation of P2P solutions by SMEs (small and medium enterprises) for efficiently handling the overall enterprise operations.
Few of the prominent players within the global procure to pay solutions market include Oracle, Coupa Software Inc., Ivalua, SAP, Basware, GEP, Wax Digital, Zycus, and Jaggaer, among others. The launch of innovations and technologies along with partnerships and collaboration are prime approaches implemented by leading players to boost their business revenue. To cite, in Nov 2020, a pioneer in cloud computing and global forerunner in AI-driven process automation solutions, Esker, and Birlasoft Ltd., the CK Birla Group and a worldwide enterprise digital and IT services firm, have collaborated to provide Esker’s wide-ranging suite of Order-to-Cash (O2C) and Procure-to-Pay (P2P) automation solutions to companies across the world.