The Evolution of Source-to-Pay (S2P): Trends, Challenges, and Opportunities for 2024 and Beyond

 


Quadrant Knowledge Solutions Unveils that the Source-to-Pay (S2P) Market is Expected to Grow at a CAGR of 16.20% by 2028.

The Source-to-Pay (S2P) model has seen significant advancements in recent years, with organizations now offering comprehensive S2P suites that incorporate intelligent technologies such as cognitive and conversational AI, robotic process automation (RPA), machine learning, smart workflows, automation, and blockchain to improve transparency.

The emphasis remains on optimizing the entire S2P process by integrating standalone applications and modules such as supplier sourcing, consolidated spend analytics, invoicing and catalog management, procurement of goods and services, contract management, and supplier performance management. There is a notable trend towards digitizing S2P capabilities to enhance user experiences. With the growing demand for advanced analytics and machine learning capabilities, companies are increasingly utilizing AI/ML technologies to extract actionable insights and promote collaboration with business stakeholders.

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Key questions addressed in this study include:

·       How rapidly is the Source-to-Pay (S2P) market expanding?

·       What are the key market drivers and restraints influencing the global Source-to-Pay (S2P) market?

·       Which industries present the greatest growth opportunities during the forecast period?

·       Which global regions are anticipated to offer the most growth opportunities in the Source-to-Pay (S2P) market?

·       Which customer segments hold the highest growth potential for the Source-to-Pay (S2P) solution?

·       Which deployment options for Source-to-Pay (S2P) solutions are expected to see the fastest growth over the next five years?

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Strategic Market Direction:

There is an ongoing focus on optimizing the end-to-end Source-to-Pay suite by integrating various standalone applications and modules, including supplier sourcing, consolidated spend analytics, invoicing and catalog management, procurement of goods and services, contract management, and supplier performance management. Organizations are increasingly seeking to digitize their S2P capabilities and improve user experiences.

Currently, organizations are concentrating on developing advanced S2P suites by utilizing AI/ML technologies to provide a unified solution for managing procurement services demand. These S2P suites help organizations mitigate risks and comply with future regulatory requirements. Since the Source-to-Pay suite consists of scalable solutions that can be easily expanded across the user’s supply chain network, it helps eliminate outdated custom-made systems that are costly to maintain.

Vendors Covered:

 

BirchStreet Systems, Coupa, Elcom, GEP, Ivalua, JAGGAER, Medius (Wax Digital), Opus Capita, Oracle, Proactis, SAP (Ariba), Tradeshift, Xeeva, and Zycus.  

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