Procure to pay (purchase to pay or P2P) is the process of obtaining and managing the raw materials needed for manufacturing a product or providing a service. It involves the transactional flow of data that is sent to a supplier as well as the data that surrounds the fulfillment of the actual order and payment for the product or service, the transfer of specified key procurement activities relating to sourcing and supplier management to a third party — perhaps to reduce overall costs or maybe to tighten the company's focus on its core competencies. Procurement categorisation and vendor management of indirect materials and services (commonly referred to as Indirect procurement) are typically the most popular outsourced activity.
Cost reduction is the top priority for CPOs as they look to sustain business growth in a slowing market.
Demand for impactful procurement continues to run high, both in terms of managing cost as well as unleashing the potential of the supply market to differentiate business performance. However the traditional constraints of manpower, expertise, and policy driven process are inhibiting.
Cycle times need to be shorter, insight needs to be richer and more agile, and performance needs to be more transparent and efficient.
Whether it's cognitive analytics to redefine scenario analysis, crowdsourcing to improve reach and creativity, or mobile analytics to unlock real-time performance management, the potential for these digital solutions to transform the procurement value proposition is considerable. Digital solutions should be embraced by CPOs and harnessed to greatly improve the function's accuracy, speed of execution, and relevance to the greatest business challenges.
In 2018, the global Procurement Outsourcing market size was 2820 million US$ and it is expected to reach 6830 million US$ by the end of 2025, with a CAGR of 11.7% during 2019-2025.
This report focuses on the global Procurement Outsourcing status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Procurement Outsourcing development in United States, Europe and China.
The key players covered in this study
Market segment by Type, the product can be split into
Market segment by Application, split into
CPG and Retail
Market segment by Regions/Countries, this report covers
Central & South America
The study objectives of this report are:
To analyze global Procurement Outsourcing status, future forecast, growth opportunity, key market and key players.
To present the Procurement Outsourcing development in United States, Europe and China.
To strategically profile the key players and comprehensively analyze their development plan and strategies.
To define, describe and forecast the market by product type, market and key regions.
In this study, the years considered to estimate the market size of Procurement Outsourcing are as follows:
History Year: 2014-2018
Base Year: 2018
Estimated Year: 2019
Forecast Year 2019 to 2025
For the data information by region, company, type and application, 2018 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.