The global source-to-pay and procure-to-pay outsourcing market is expanding rapidly with the market expected to reach $55.8 billion by 2028. Why? Because procure-to-pay teams lacking business agility, internal resources, or adequate tools are hungry for solutions that can help them streamline operations, increase strategic influence, gain spend control, innovate sourcing streams, improve efficiency, and increase time for more “high-value” work.  To do so, procure-to-pay trends point to an increased focus on three key areas: technology, collaboration, and sourcing. Below is a rundown of th ..read more

Improvements to existing procurement processes, procedures, and operations are as time-sensitive as ever. In the 2024 State of Procurement Data Report by Amazon Business, 95% of decision-makers surveyed acknowledge that there’s room for procurement optimization. Teams will need to rely on greater investments in the right tools and technology to make these optimizations, from no-code automation to AI and data analytics. That’s where procurement, sourcing, and purchasing technology comes in. Learn about six solutions that can be applied in 2024, why you should apply them, and how to get started ..read more

The procurement process is a complex series of workflows that spans various systems, departments, and operational business units. Because of this complexity, it can also be prone to errors, risks, and costly inefficiencies. And that’s where smart procurement comes in. Smart procurement is the use of technology to improve efficiency and help build more agile procurement processes. The benefits include cost savings increase, better decision making and risk management. What is smart procurement? Smart procurement is the use of advanced technology, such as AI, automation, and RPA to optimize procu ..read more

The order-to-cash and procure-to-pay processes play essential roles in business operations. While each serves a different purpose, process inefficiencies like manual work or disjointed systems can lead to costly delays, lags in communication, and poor customer or supplier relationships. Learn more about the differences between these two processes and how each can benefit from business process automation. What is order-to-cash (O2C)? Order to cash — also known as OTC or O2C — is a set of business processes that receive and fulfill customer requests for goods or services. O2C is a term used to d ..read more

Improvements to existing procurement processes, procedures, and operations are as time-sensitive as ever. In the 2024 State of Procurement Data Report by Amazon Business, 95% of decision-makers surveyed acknowledge that there’s room for procurement optimization. In 2023, our procurement predictions focused on five key areas:  The growing emphasis on burnout prevention. A pivot towards simplifying complex data and process management. The urgency around IT and developer shortages. The effects of rising inflation. Growing investments in procurement technology. We also predicted that the th ..read more

Tap into key business insights and make better, more data-driven decisions with these essential procure-to-pay metrics.  For many procurement leaders, data is top of mind. According to Amazon’s 2024 State of Procurement Data Report, 98% of respondents reported having plans for investments in analytics and insights tools, automation, and AI for their procurement operations in the next few years. The goal: better use of employee time, greater efficiency, and higher cost savings.  The increased focus on analytics in particular points to growing interest in becoming more data-driven. Luc ..read more

Strategic procurement, or procurement strategic planning, is a data-driven process that helps businesses align procurement and business goals. The result is greater supply chain predictability, more accurate decision-making, and better business agility. What is strategic procurement? Strategic procurement, or procurement strategic planning, is a process that aligns procurement strategy with business goals so as to yield business benefits through procurement. Strategic procurement leverages data to reduce risks across the entire procure-to-pay process and identify opportunities for long-term an ..read more

Improvements to existing procurement processes, procedures, and operations are as time-sensitive as ever. In the 2024 State of Procurement Data Report by Amazon Business, 95% of decision-makers surveyed acknowledge that there’s room for procurement optimization. In 2023, our procurement predictions focused on five key areas:  The growing emphasis on burnout prevention. A pivot towards simplifying complex data and process management. The urgency around IT and developer shortages. The effects of rising inflation. Growing investments in procurement technology. We also predicted that the th ..read more

Many organizations have implemented software automation tools that allow them to get more done at a lower cost, but procurement is one area that has lagged behind in this trend. According to Amazon’s 2024 State of Procurement report, 95% of decision makers believe that procurement has room for optimization. The leading activities procurement teams want to spend less time and energy on include:  Costs and budgets (38%) Long periods of research gathering data for reporting (37%) Attempting to reach suppliers for information or updates; sourcing suppliers for simple purchase (37%) Performin ..read more

Procurement requires precision, predictability, and the ability to problem-solve with agility and confidence. A resilient procurement process can help businesses adapt more quickly to changes in the market and disruptions to the supply chain.  With the right tools, teams can achieve this and more. Why business leaders are turning to BPA A recent Pipefy survey found that while many business leaders still consider cost savings a key benefit of and driver for adopting business process automation technology, benefits like better decision-making, increasing competitive advantage, and becoming ..read more