The cutting-edge digital technologies are becoming an instrument of transforming several businesses. Nowadays, organisations can use these tools to analyse their business processes and uncover ways to boost growth prospects. To this end, procurement has emerged as a highly viable business process. While procurement traditionally only overlooked processes such as onboarding suppliers, negotiating terms, ordering and receiving goods, and handling invoices among others. The modern digital procurement solutions use it to gain insights and boost operational efficiency. This is the key factor in boosting the demand for modern procurement analytics solutions. These solutions are capable of providing complete visibility into an enterprise’s supply chain, unlocking savings opportunities, uncovering supplier risks, and traceability. Considering these solutions’ capabilities, the global procurement analytics market is poised to exhibit substantial growth in the forecast period.
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Focus on Improving Operational Efficiency to Create Promising Business Outcomes Will Bode Well for Procurement Analytics Market
Traditionally, businesses used procurement to source raw materials, machinery, and other supplies used in carrying out business processes. These processes were mired with inefficiencies due to a lack of visibility of the supply chains. Modern procurement analytics tools have gained significant traction in such a business environment. Novel source-to-pay solutions are being hailed as a tool for identifying savings opportunities, analysing supplier performance, and streamlining the entire supply chain. These notable benefits have created tremendous growth possibilities for the global procurement analytics market. The growing adoption of modern procurement solutions among small and mid-sized businesses is set to create further growth prospects.
Generating Actionable Insights Facilitates Adoption of Business Intelligence Solutions, in Turn Driving Procurement Analytics Market Growth
The most valuable aspect of modern procurement solutions is their ability to predict risks and losses with great accuracy. Moreover, they allow organisations to contain operational costs, boost productivity, and sustain overall growth. Such use cases have propelled procurement analytics to a critical position where it can aid with the design, production, planning, and distribution process with ease. Considering this, the deployment of procurement solutions as a business intelligence tool has grown drastically. They can carry out expenditure analysis, vendor management, contract management and various other operations with ease. These factors are contributing to long-term expansion in the global procurement analytics market in the upcoming years.
North America to Dominate Procurement Analytics Market Amidst Growing Supply Chain Domain
North America is expected to lead the procurement analytics market amidst the increasing adoption of cutting-edge solutions to boost supply chain efficiency. The region is filled with several leading procurement analytics operators and businesses which rely on smart procurement solutions. The region’s retail sector is also thriving which is a major end user of these procurement solutions. Market players are actively competing in the region through robust data collection and delivering actional insights. In addition, the growing deployment of cloud-based procurement solutions is nurturing tremendous business prospects in North America.
Major Market Participants
Some of the leading players in the global procurement analytics market include Oracle(US), SAS Institute (US), Ivalua (US), Coupa Software (US), IBM (US), Sievo (Finland), Synertrade (Germany), SAP(Germany), Zycus (US), Rosslyn Data Technologies (UK), Genpact (US), Simfoni (US), Tamr (US), Workday (US), Microsoft (US), Cisco (US), BirchStreet Systems (US), Jaggaer (US), Corcentric (US), Kearney (US), Proactis (UK), GEP (US), ProcurePro (Australia), Market Dojo (UK), and PRM360 (India).
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