Procure To Pay Industry Statistics

In this post, we dive into a wealth of statistics shaping the procure-to-pay industry landscape. From the increasing adoption of machine learning to the cost savings associated with automated solutions, these figures offer valuable insights into the trends and opportunities in procurement processes. Explore data on invoice capture, supplier visibility, process efficiency, and the future growth of the global procurement software market. Stay informed on the latest developments driving efficiency and cost-effectiveness in procurement operations.

Statistic 1

"According to Gartner, 56% of businesses planning new procure-to-pay projects will opt for a suite solution."

Statistic 2

"Presently, by 2021, 50% of all companies will have transitioned to utilizing machine learning in their P2P processes."

Statistic 3

"Ardent Partners reports that 60.9% of total invoice spend is captured by e-invoicing solutions."

Statistic 4

"Deloitte finds that 65% of procurement leaders have limited or no visibility beyond their tier 1 suppliers."

Statistic 5

"Forrester research suggests that a 10% increase in procurement process efficiency can generate a 1% increase in profits."

Statistic 6

"On average, it costs $10 to process an invoice manually, compared to $2.50 with automated P2P solutions."

Statistic 7

"Ardent Partners estimates that the average cost of processing an invoice is $14.21."

Statistic 8

"83% of procurement leaders identified cutting costs as their top priority."

Statistic 9

"According to one survey, over half (54%) of respondents identified improving data quality in procurement as a critical or important area of focus."

Statistic 10

"Global procurement software market is expected to reach USD 9.96 billion by 2026."

Statistic 11

"The best-in-class companies process a 95% first-time match rate, while the average firm processes only 84%."

Statistic 12

"McKinsey predicts that by 2025, total annual procurement savings from the digitization of the procurement can be as much as 3.5 trillion to 5.4 trillion US dollars."

In conclusion, the statistics presented underscore the growing trend towards leveraging advanced technologies such as machine learning, e-invoicing solutions, and automated procurement systems in the procure-to-pay industry. The data highlights the significant cost savings and efficiency improvements that can be achieved through digital transformation, with a strong emphasis on enhancing data quality and visibility across the supply chain. As companies strive to cut costs and drive profits, the shift towards integrated suite solutions and best-in-class procurement practices is becoming increasingly vital. Looking ahead, the projected growth of the global procurement software market and potential savings from digitization further emphasize the critical importance of embracing innovation in procurement processes.