Top 10 Procure-to-Pay Solutions Providers
Procure-to-pay (P2P) solutions strengthen every step in the procurement process, from requisitions through to invoice payments. Consolidating spend through digital P2P platforms can be transformative, not only in deriving greater efficiency and value, but in ensuring compliance, strengthening supplier collaboration, and surfacing actionable data insights for more strategic decision making. Here we consider some of the most innovative and commonly used P2P solutions providers that underpin the spend of the world’s biggest brands and organisations.
HQ: London, UK
Positioned as an AI-driven companion for sourcing and finance professionals, Xelix aims to solve common blindspots in modern ERP systems. Its core platform is separated into two distinct modules: protect and insight. Protect minimises risk, identifies hidden threats and prevents incorrect payments that are often missed by ERP systems. Insight provides real-time visibility over ERP data, automates reporting and provides predictive insights to help professionals take greater control over their spend.
HQ: Stockholm, Sweden
Medius’ full-suite of eprocurement solutions include P2P, as well as strategic sourcing, data insights and more. Founded in 2001 in Sweden, it now has 400 employees operating from offices across Europe and the US. The company says close to 4,000 customers and more than 500,000 unique users use Medius spend management solutions globally, managing transactions worth more than $160 billion annually. Wax Digital, the cloud-based eprocurement company, was acquired by Medius in 2019, strengthening its end-to-end spend management solutions.
HQ: Espoo, Finland
Basware’s tagline is ‘Simplify Operations. Spend Smarter’ - a mantra that underpins its Source-to-Pay (S2P) Ecosystem. The ecopsystem encompasses a full suite of P2P solutions, from electronic procurement to accounts payable automation and analytics. Its platform aggregates financial data from all of an organisation’s units, centralising it in one system for greater end-to-end visibility and to empower professionals to make more informed strategic decisions. The company is routinely featured on Gartner’s Magic Quadrant Leader for Procure to Pay suites.
HQ: Hyderabad, India
One of Acads360 India’s solutions, PRM360 Simplified Procure-to-Pay Suite is a cloud-based platform for streamlining and automating the P2P process. Nitesh Reddy, the founder and CEO of PRM360 Simplified Procure-to-Pay Suite, says the platform is not designed to conduct procurement differently, but to “make it more convenient”. As such, the system’s open-platform architecture means it seamlessly integrates with ERPs and other third-party apps.
HQ: California, USA
Ivalua’s Procure-to-Pay solution bridges the gap between procurement and AP teams. Its front end boasts an “intuitive ecommerce expereince” for users, but its true value lies behind the scenes, reducing maverick spend, enhancing visibility in tail spend, and reducing [email protected] cycle time by improving accuracy and automating invoicing. In a recent case study, Ivalua’s solution helped a leading glass packaging firm derive average savings of 19% over four years.
HQ: Texas, USA
Procure-to-Pay is just one module in Oracle’s comprehensive Oracle Fusion Cloud ERP, which also features strategic sourcing, supplier management, a business network and much more. The module streamlines purchasing by automating purchase orders from approved requisitions, and improves revision management with a complete change history. Other features include invoice matching automation to free professionals from extraneous administrative tasks and accelerate payement processing.
HQ: New Jersey, USA
GEP SMART provides a “step change” in P2P, offering users a seamless sourcing experience and improving contract utilisation. Getting to the heart of what procurement professionals need, GEP SMART is a central platform for unifying the order-to-invoice process with the source-to-contract process. A focus on UX and intuitive deployment, GEP SMART gives all stakeholders access to crucial visibility and a shared vision to reach their objectives.
North Carolina, USA
Jaggaer’s ‘Procurement Simplified’ strapline is evident across its platform. Described by the company as a “powerful, modern shopping experience”, its one-stop P2P solution gives professionals full control over their procurement process, alleviating administrative tasks through automation and aligning procurement and AP teams with their suppliers. Jaggaer’s platform is evolving over time, using AI to assist users in every step of the P2P process and provide valuable and actionable insights to professionals.
HQ: California, USA
Coupa’s robust P2P solution connects an organisation’s entire transaction journey, from strategic sourcing and requisition to invoicing and payments. But it’s just a small part of the company’s overarching Business Spend Management platform, which also allows organisations to automate contract lifecycle management, manage supply chain design and planning, manage supplier risk, surface actionable insights, and more. New functionality launched this year empowers organisations to source more sustainable, with a suite of new ESG functionality to track supplier compliance, and drive carbon emission targets. Ultimately the platform empowers procurement teams to evolve beyond the bureaucratic back-office function, instead providing data-driven strategy to forward a business’ objectives.
1. SAP Ariba
HQ: California, USA
SAP Ariba Buying and Invoicing is by many metrics the gold standard for P2P solutions, connecting procurement professionals to the world’s largest B2B network. The platform centralises sourcing for indirect goods and services, automating the entire purchasing lifecycle, from requisitions and POs to receiving goods and payment. Its functionality is wrapped in an intuitive user experience that is “as comfortable as online personal shopping”, with customisable language, currency and dashboard settings to suit every need.
Expo 2020 Dubai, the global trade exhibition taking place October 2021 to March 2022, has selected SAP Ariba to digitise procure-to-pay for its more than 25,000 suppliers. Expo 2020 Dubai has already transacted more than AED 1 billion on the platform.
SAP was recognised for the fifth consecutive year in the Gartner 2020 Magic Quadrant for Procure-to-Pay Suites.