53% of organizations adopting e-Procurement
Date: 10 Mar, 2017
The number of organization’s adopting e-procurement for the control and management of their indirect spend (spend on non-inventory goods or goods not for resale) has increased from 34% in 2016 to 53% in 2017, according to PayStream Advisor’s recently published 2017 Procure-to-Pay for Indirect Spend Report. The organizations surveyed indicated that the key improvements achieved through procurement solution implementation included improved control and security, better visibility and transparency across procurement, and reduced time-to-fill cycle times.
However, there is a noticeable disparity in terms of the size, in annual revenue terms, of the organizations adopting e-procurement with only a third of organization’s in the $30m to $500m range choosing to implement an e-procurement solution. There remains a lot of potential benefit to be gained by organizations in this bracket who, despite being aware of the benefits, have remained hesitant due to the cost and level of resources required to implement a robust e-procurement solution.
As a senior procure-to-pay consultant with over 20 years’ experience in financial process improvement, SoftCo’s Garret Pearse has worked with hundreds of organizations in this small to midsize bracket to deliver e-procurement as well as comprehensive procure-to-pay solutions and advises these organizations not to be deterred by fears over cost or resource restraints.
“The technology being utilized to automate procure-to-pay processes has seen major advances in recent years and we are now delivering best practice, compliant solutions in a matter of weeks. Projects that in the past may have taken several months and a major commitment of valuable finance personnel now place far less strain on finance teams while ensuring all of the same benefits in terms of control and visibility are still achieved.”
Garret Pearse, Senior Consultant, SoftCo
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