Purchase to Pay Technologies Due for a Big Boost
In a world where sophisticated procurement software and supply chain technology has helped industry squeeze almost every drop of inefficiency out of its supply chain operations, where do you look for further savings when the going gets really tough? The Purchase to Pay cycle (P2P) is one of of the operational areas of any organization that can deliver some significant savings and it’s good to see that some of the leading players in this space are proving it with positive financial results even within today’s markets.
Basware, one of the global leaders in purchase-to-pay solutions with more than 1,500 customers and 850,000 users in over 50 countries around the world, has reported a record turnover of 93 million Euros for 2009 and, despite the challenging market situation throughout 2009, full year net sales grew by 7.6 percent.
This bodes well for the solution vendors but even better for organizations that apply it. We think that there will be significant growth in the application of P2P and financial supply chain technology in 2010 as businesses seek to further embed operational efficiency.