Companies’ outsourcing has become a key component of business strategy. Procure - to - pay solution has been added extra value and becoming a major solution for final organizations.
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Procure - to - pay (P2P) outsourcing is defined as the procedure of managing and obtaining the raw materials required for providing a service and manufacturing of a product. This type of process includes the complete journey from preparation the resources required and engaging the order to making the process of payment.
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In addition, Procure - to -pay (P2P) outsourcing solution helps companies to gain advanced technologies, skilled employees within reasonable costs and access to local talent among others. This in turn is anticipated to trigger the demand of the global Procure - to - Pay (P2P) Outsourcing market during the forecast period.
The purchase and procurement team members are facing problems in the operative management of processes owing to the manual mistakes in the supply chain systems and increased complexities. This advanced P2P solution is able to solve this time of problem which is expected to boost the demand of this product market in coming years.
Additionally, financial enterprises are adopting procure - to - pay (P2P) outsourcing solution due to their various advantages which includes advance order processing ability, spot buying facilities, catalog management, mailroom and documents scanning, invoice data capturing and matching and invoice payment processing among others which is predicted a stable during the forecast period from 2017 to 2025.
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Global Procure - to - Pay (P2P) Outsourcing market has been segmented on the basis of end use industry and geography. Based on end use industry, global Procure - to - Pay (P2P) Outsourcing market is bifurcated into manufacturing, energy and utilities, banking, financial services and Insurance (BFSI), telecom, Information technology and healthcare among other sectors.
Business process outsourcing (BPO) organizations are installing this type of solution for their various operation which includes pay-related purchase orders, payment records and invoices. With the help of this solution paper-based documentation is getting reduced which in turn is less confusion and chaos during the time of all finance related the extraction and indexing of all information.
The massive rise in usage of in BPO sectors is one of the key factors bolstering the usage of Procure - to - Pay (P2P) Outsourcing technology across the globe. In every organizations are now investing significant amount of capital to procurement of procure-to-pay outsourcing process during the every year which in turn is expected to increase productive uses by optimizing procurement process.
Additionally, owing to various advantages such as eliminating processing errors, automating manual tasks, reducing transactional cost, optimizing processes and enhancing data quality is procurement operations to deliver higher efficiencies and savings is expected to bolster the demand of this technology across the manufacturing organization during the forecast period. P2P outsourcing vendors are now using analytical solutions in the procurement planning process to increase detect fraudulent activities and increase the accuracy in the manufacturing processes.
On the flip side, system integration challenges, lack of effective service communication is hindering the growth of this product market in coming years.
Geographically, global Procure - to - Pay (P2P) Outsourcing market has been segmented into North America, Europe, Asia Pacific, Middle- East and Africa (MEA) and Latin America. In 2016, North America held the largest Market share in the Procure - to - Pay (P2P) Outsourcing market across various regions.
In addition, owing to the growing P2P outsourcing activities in the government as well as in private sector organizations, North America growth is expected to remain as a major contributor for this product market. Owing to significant economic growth in manufacturing and BFSI segment in China, the U.S and the U.K among others are major market for this Procure - to - Pay (P2P) Outsourcing market.
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The major companies in the global Procure - to - Pay (P2P) Outsourcing market are Accenture (Ireland), Capgemini (France), IBM (the U.S), Infosys (India), Tata Consultancy Services (India), Genpact (Bermuda), Corbus (the U.S), HCL Technologies (India), Optimum Procurement (the U.K) and Xchanging (the U.K) among others.
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