The value of purchase to pay software solutions
The market intelligence report called the Hackett Value Matrix investigates the 10 leading solutions providers, and analyses their ability to deliver value, breadth of capability, solution maturity and actionable insight.
The research from The Hackett Group found that top-performing P2P solutions providers enable companies to achieve dramatically higher value creation than typical companies.
Key findings of P2P software solutions
- $35-$45 million greater spend savings/avoidance (for a typical $10 billion company)
- 73% touchless requisition-to-purchase order transaction automation
- 68% key supplier adoption and transaction automation
- 40%-60% improvement in spend visibility and spend management
- 29% reduction in requisition-to-purchase order transaction cost, with 92% purchase order adoption for greater spend control
- 28% improvement in invoice processing productivity
Three solutions providers achieved what The Hackett Group categorise as ‘Digital World Class’ in the P2P Hackett Value Matrix: Coupa, JAGGAER and SAP. Four others were named as Challengers: Basware, GEP, Ivalua and Oracle. One solutions provider, Quadient, was named as Emerging.
Continuous improvement mindset
According to The Hackett Group Principal and Global Procurement Advisory Practice Leader Chris Sawchuk, “A continuous improvement mindset is critical to procurement strategy in today’s challenging business environment. Change is constant -- from new suppliers to new technologies to new risks and regulations. In that context, our research identified the best P2P solutions providers as true innovators who are finding new ways for procurement organisations to derive more insights and deliver greater value.”
The Hackett Group Director Richard Gardner added that “We also found that the best P2P solutions providers excel in several other areas. They have dramatically streamlined the onboarding process for suppliers, integrating third-party solutions that pre-validate supplier data. Digital supplier collaboration is key to improving spend savings and reducing risk.
*************************************************
For more insights into Procurement & Supply Chain - check out the latest edition of Procurement Magazine and be sure to follow us on LinkedIn & Twitter
Other magazines that may be of interest - Supply Chain Magazine | Sustainability Magazine
Please also check out our upcoming event - Procurement & Supply Chain LIVE in London at the BDC on Sept 26/27th 2023
*********************************************
BizClik is a global provider of B2B digital media platforms that cover 'Executive Communities' for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.
BizClik, based in London, Dubai & New York offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.
