Procurement as-a-service offerings support the end-users to select the categories for sourcing and allocate category experts to manage purchasing for those categories. These services rely on technology to do the sourcing and procurement, tracking payments and purchases and also handle three-way matching to make sure that the users are only paying for what they get. Several procurements as-a-service providers make the entire process visible to the enterprises they work with, usually through the reporting portals. Through this portal the users get the access to analytics and the procurement tool so that they can work on their own reports, record their inventory, and upload payments. Procurement as-a-service is similar to SaaS (software as a service), but manages procurement services.Thus, selecting comprehensive procurement platform that is developed with various technology solutions to offer users with category management, supplier management, and more will ensure that user’s organization with efficient performance as well as substantial cost savings.
Procurement as-a-service is an outsourced procurement business model that combines staff, technology, and expertise to manage a portion, or complete, of user’s organization’s procurement functions. Technology supports the service providers to examine what their customers are spending money on, and where they are likely to find potential savings.
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According to the latest market study on “Procurement as-a-Service Market Forecast to 2027 –COVID-19 Impact and Global Analysis by Component (Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, Transaction Management); Enterprise Size (SMEs, Large Enterprises); End-User Industry (IT and Telecom, Consumer Goods and Retail, Manufacturing, Energy and Utility, Healthcare, Hospitality and Tourism, Others); and Geography,”the market is estimated to reach US$ 4,741.1 million by 2027 from US$ 3,137.7million in 2019. The report highlights the factors driving and restraining the market growth, as well as enumerates prominent players in the market with their recent developments.
Product developmentis the commonly adopted strategyby companies to expand their product portfolio. Accenture, Infosys Ltd., CAPGEMINI SE, and IBM Corporationare among the market players implementing this strategyto enlarge the customer base and gain significant market share globally, which in turn permits themto maintain their brand name in the global procurement as-a-service market.
The global procurement as-a-service market is anticipated to witness impressive growth during the forecast period. The increasing demand from enterprises to streamline the procurement processes and positive impact of BPO evolution on procurement outsourcing are the major driving factors for the global procurement as-a-service market. Additionally, significant technological development initiatives by several leading companies are also expected to drive the demand during the forecast period.
Top Listed Players are –
Accenture, CAPGEMINI SE, Corbus, LLC, Genpact Ltd, GEP, HCL Technologies, IBM Corporation, Infosys Ltd, Wipro Limited, and WNS (Holdings) Limitedare some of the players present in the Procurement as-a-Service market.
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