by The procurement analytics market is poised for remarkable growth as organizations worldwide recognize the value of enhancing their procurement channels to drive operational efficiencies and cost savings. Procurement analytics, which plays a pivotal role in optimizing source-to-pay (S2P) operations, is emerging as a cornerstone of supply chain management. In a business landscape where procurement is often fraught with challenges, leveraging data-driven insights has become imperative for informed decision-making.
Streamlining Procurement for Improved Bottom Lines
Procurement encompasses a diverse array of activities, from supplier selection to order management and invoice processing. Each stage presents its unique set of challenges and uncertainties. To address these challenges and gain visibility into the procurement process, organizations are turning to procurement analytics. By harnessing available data and extracting valuable insights, companies can streamline procurement operations and make decisions that positively impact their bottom lines.
Driving Adoption Through Enterprise Growth and Digital Transformation
The adoption of procurement analytics technology and services is on the rise, driven by factors such as increasing enterprise marketing and advertising spending, evolving customer intelligence, and expanding customer channels. The shift toward digitization is further fueling market expansion, especially among small and medium-sized businesses, which seek to reduce capital and operating expenses through analytics-driven procurement.
Business Intelligence Software Spending Fuels Demand
The surge in organizational spending on business intelligence software is set to propel the procurement analytics market to new heights. Businesses are leveraging features like plan compliance analytics, expenditure analysis, and vendor management to make informed decisions. These capabilities enable organizations to identify patterns in customer behavior, optimize inventory management, and dynamically adjust pricing strategies, ultimately enhancing competitiveness.
Supply Chain Analytics Takes Center Stage
Supply chain analytics is poised to dominate the procurement analytics market, with a focus on data-driven insights to improve supply chain operations. Industries such as manufacturing, retail, energy, and healthcare are benefiting from analytics-driven decisions related to supply chain optimization, demand forecasting, inventory management, and supplier performance. Rapid advancements in technology, including the integration of AI capabilities, are reshaping the supply chain landscape and offering significant growth opportunities.
North America Leads the Way, Asia Pacific Grows Rapidly
North America is at the forefront of the procurement analytics market, driven by technological advancements, increased adoption of analytics tools, and the growing importance of data-driven insights. Meanwhile, the Asia Pacific region is experiencing the fastest growth, supported by widespread digital deployment and a booming big data and analytics industry, particularly in China, Japan, and India.
Competitive Landscape
Key players in the procurement analytics market include Oracle, SAP, Coupa Software, SAS Institute, Genpact, IBM, Synertrade, Microsoft, GEP, Cisco, Zycus, Corcentric, Proactis, BirchStreet Systems, Jaggaer, Simfoni, Tamr, Workday, Sievo, Kearney, ProcurePro, Market Dojo, PRM360, and Ivalua, among others.
The procurement analytics market is set to witness significant growth as organizations worldwide recognize the need for data-driven insights to optimize their procurement channels, enhance operational efficiency, and drive cost savings.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/procurement-analytics-market
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This press release first seen on Brilad
COMTEX_442085734/2840/2023-10-18T16:49:22
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.