Integration with Enterprise Resource Planning Systems to Fuel Europe Procure-to-Pay (P2P) Solutions Market Growth During Forecast Period

Enterprise resource planning (ERP) in procurement involves finalizing the business procurement process for buying services and goods from selected suppliers with the use of an ERP and unified cloud-based procurement automation software. ERP in procurement includes purchase order creation, purchase requisition, approvals, and spend management controls. The integration of procure-to-pay P2P solutions with ERP systems offers numerous advantages for businesses. This integration has the potential to bring about significant enhancements in operational efficiency, cost-effectiveness, and overall procurement management. Integrating P2P solutions with ERP systems enables the streamlining of procurement processes, resulting in improved efficiency and cost savings. Through the automation of procurement workflows and integration with ERP platforms, businesses can gain better control over global spending and establish compliance and control across vendors, contracts, regulations, buyers, and accounts payable. The seamless integration of P2P solutions with ERP systems ensures a smooth flow of data, connecting with existing ERP, accounting, and financial systems. This minimizes integration complexities and ensures that all data flows to the appropriate destinations at the right times, supporting well-informed decision-making. Integration with ERP systems has the potential to fortify supplier relationships through consistent and prompt payments, potentially leading to negotiated discounts and improved terms. The reliable transaction histories facilitated by the integration can contribute to better supplier relations.

Europe Procure-to-Pay (P2P) Solutions Market: Industry Overview

The Europe Procure-to-Pay (P2P) Solutions market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. The Europe Procure-to-Pay (P2P) Solutions market report emphasizes the key factors driving the market and showcases the developments of prominent players.  

The report includes growth prospects owing to the current Europe Procure-to-Pay (P2P) Solutions market trends and their foreseeable impact during the forecast period. The “Europe Procure-to-Pay (P2P) Solutions market analysis” has been carried out by considering the following segments: component, industry, organization size, deployment, and country. Based on component, the market is segmented into solution and services. By organization size, the market is divided into large enterprises and small and medium enterprises (SMEs). Based on industry the market is divided into manufacturing, retail, healthcare, IT and telecom, others. Based on deployment, the market is segmented into ion-premise and cloud-based segment. Based on country, the Europe Procure-to-Pay (P2P) Solutions market report is segmented into France, Spain, Italy, Portugal, and Rest of Europe.

Europe’s emphasis on bringing advanced technologies and services to its manufacturing sector to reduce its dependency on imports and fosters domestic production. The integration of advanced technologies helps enhance operational efficiency and boost production output in manufacturing, and gain a competitive advantage in global markets. European countries are taking various initiatives to boost their manufacturing sector. For example, in November 2023, the UK government announced US$ 4.88 billion in funding for British manufacturing to increase investment in eight sectors across the UK. The funding will be available from 2025 for five years, providing the industry with longer-term investment certainty. Such investments help the manufacturing units adopt digital solutions to optimize their supply chain management, which further leads to the adoption of Procure-to-Pay (P2P) Solutions for manufacturing firms. Implementing a cost-effective P2P process can help ensure timely procurement of raw materials, reduce production costs, and increase productivity.

Various Europe Procure-to-Pay (P2P) Solutions market players provide solutions to cater to the demand in the region. The market players include Oracle Corp, Pipefy Inc., Precoro, Inc, and Coupa Software Inc are among others. In addition, new product launches propel market growth in the region. For example, in November 2023, Payhawk introduced a 3-way match Purchase Orders system, enabling businesses to automate their procure-to-pay process further to increase the efficiency and control of business purchases. The new purchase order system allows for the streamlined creation and approval of purchase requests; two- or three-way matching among invoices, purchase orders (POs), and goods received notes (GRNs); and easy identification of discrepancies. The new features use smart automation to reduce time spent on manual entry, improve accuracy, and provide a transparent overview of planned spend.

Europe Procure-to-Pay (P2P) Solutions Market: Competitive Landscape and Key Developments

The Europe Procure-to-Pay (P2P) Solutions market analysis is carried out by identifying and evaluating key players in the market across different regions. Oracle; SAP SE; GEP; Coupa Software Inc.; Docaposte Group; Invalua Inc; B2BE; Jaggaer; Zycus Inc; Tradeshift Holdings, Inc.; Basware Corporation; Synertrade Inc; Infor Inc; Precoro, Inc; and Pipefy Inc. are among the prominent players profiled in the Europe Procure-to-Pay (P2P) Solutions market report. Several other players have also been studied and analyzed during the study to get a holistic view of the market and its ecosystem. As per the company press releases, below are a few key developments:

• 2023, Precoro announced their new two-way integration with Xero for even more enhanced purchasing operations with direct sync between procurement and accounting departments. Precoro integration with Xero paves the way for better communication between these departments, simplifies the purchasing workflow, and eliminates error-prone manual data entry..
• 2021, Pipefy announced completion of US$ 75 million in Series C funding, bringing its total funding to date to US$ 138.7 million. Led by US$ 50 million from SoftBank Latin American Fund, with additional participation from STEADFAST Capital Ventures, Insight Partners, Redpoint ventures and others. Pipefy’s new capital significantly accelerates its global expansion with solutions that empower teams and organizations to nimbly automate and customize their integrated workflows.
• 2021, SAP SE announced that Flint Group, one of the largest suppliers of inks, digital printing presses, and other products to the printing and packaging industry, centralized and digitalized its indirect materials and services procurement processes with SAP Ariba Solutions. As a result, the company has increased efficiency, reduced costs, and gained greater control over its spending