P2P technology can help procurement leaders achieve business objectives

The procure-to-pay suite market is growing rapidly as organizations seek automation and innovation to control spend and improve supplier collaboration.

Gartner estimates that the overall market for P2P software (including both on-premises and cloud/SaaS solutions) will grow to $3.2 billion by year-end 2020, with a CAGR of 10%.
By 2022, all major procure-to-pay software vendors will embed virtual assistants and chatbots for guided buying and self-service requests.

From a revenue share perspective, SaaS revenue has overtaken on-premises-based licensing and maintenance revenue. Vendors are pushing cloud adoption and buyers are embracing cloud due to quicker implementation, supplier onboarding, better supplier collaboration and quicker access to innovations and improvements.

These solutions deliver strong ROI by enforcing compliance with sourcing agreements, approval rules and financial policies. Automating the procurement, approval and payables process improves operational efficiencies, supports superior working capital management, and greatly reduces the potential for rogue spending, human error and fraud. Prospective customers should vet P2P vendors for suitable workstream support, a workable fee model and geographic coverage.

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