Procure to Pay Statistics


Steve Goldstein
Steve Goldstein
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Procure To Pay Statistics 2023: Facts about Procure To Pay outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Procure To Pay, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

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On this page, you’ll learn about the following:

Top Procure To Pay Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Procure To Pay Statistics on this page 🙂

Procure To Pay “Latest” Statistics

  • By converting the old finance department into a data and analytics-driven finance office of the future, the goal was to produce 20%-30% cost reductions throughout the procure-to-pay process.[1]
  • The inability to track invoices and payments throughout the P2P continuum ranks second on the list of supplier pain concerns, with 27% of respondents describing it as very detrimental to their companies.[2]
  • With 29% of respondents saying that they have an influence on their ap procedures, match exception mistakes round out the top three supplier P2P pain concerns.[2]
  • Nearly one in three respondents reported that 20% of their bills were past due, and 66% of respondents said that late payments were their main concern with their accounts receivable.[2]
  • Prioritization remains a concern even when category specialists can increase categorization near the 100% error-free threshold.[3]
  • The best practice in expenditure categorization is for at least 90% accuracy to identify cost opportunities while managing and monitoring savings effectively requires accuracy levels of 95% or above.[3]
  • Typically, procurement-related expenditures account for 70% of total costs and are often a shaky source of competitive advantage.[3]
  • Basware Analytics combines expenditure from many platforms into one platform, giving your company 100% spend insight.[4]
  • Basware Analytics is a consolidated platform that unifies all of your data, provides 100% insight across your operations, and enables you to predict future spending accurately.[4]
  • Basware Analytics is a data visualization solution that prioritizes chances for process improvement, cost savings, and growth by providing you with deep insights into 10% of your financial data.[4]
  • Discover new cost-saving possibilities throughout the whole enterprise with 100% expenditure visibility and sophisticated Basware Analytics.[4]
  • Authentic data visibility covers 100% of your data, with actionable insights to enhance your procure-to-pay process.[4]
  • Cut expenses for processing invoices by up to 80% by using personnel for more strategic efforts rather than for monotonous chores that can be automated, saving time and money when a company goes paperless.[5]
  • Europe is anticipated to hold 27.28% of the worldwide procure-to-pay software market as a result of the rising e-procurement demand in European nations like the UK, France, Germany, and Japan.[6]
  • Procure to pay software market size $5.0 billion in 2018 market growth CAGR of 7.6% procure to pay software market to reach $9.2 billion by 2026 reports and data.[6]

Also Read

Reference

  1. amazon – https://aws.amazon.com/blogs/apn/how-genpact-enabled-procure-to-pay-transformation-for-a-global-energy-giant-on-aws/
  2. premierinc – https://premierinc.com/newsroom/blog/the-current-state-of-procure-to-pay-healthcare-suppliers-speak-out
  3. sievo – https://sievo.com/resources/procurement-analytics-demystified
  4. basware – https://www.basware.com/en-us/solutions/procure-to-pay/analytics/
  5. corcentric – https://www.corcentric.com/blog/7-steps-and-7-benefits-of-procure-to-pay/
  6. 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

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