2024 ProcureTech100 - Source to Pay

Category Highlights

This year, the Source-to-Pay category has a significant emphasis on collaboration between procurement, suppliers and stakeholders, facilitating better communication and faster decision-making.​

 

⭐ The trends for 2024’s leading Source-to-Pay solutions

The S2P category is defined by solutions that provide source-to-contract (S2C) and purchase-to-pay (P2P) solutions, alongside additional modules that typically include analytics, supplier management and risk management. ​

Amongst market players in 2024, there has been a significant emphasis on collaboration between procurement, suppliers and stakeholders, facilitating better communication and faster decision-making.​

This year, the core areas of focus for Source-to-Pay solutions are:

  • AI-driven capabilities - Solutions are harnessing AI for autonomous sourcing, real-time vendor matching, and automated procurement processes, with AI-powered spend analysis becoming a major trend.  
  • End-to-end process integration - This year’s solutions are advocating end-to-end process integration, with the ​full integration of source-to-pay processes, connecting everything from sourcing and contract management to payments and invoicing.​
  • Self-service portals - These guided buying features are empowering employees to make compliant purchases without involvement from procurement. ​
  • Cloud-native platforms - Delivering cloud-native platforms not only allows solutions to continue making seamless updates, but it also unlocks enhanced flexibility and scalability, without requiring significant infrastructure.​

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Not only do these advancements give procurement more time to focus on strategic and collaborative initiatives (where human insight is essential), but real-time spend insights are enabling organisations to benchmark performance, while fully optimising purchasing.​

🔥 The 2024 ProcureTech100 solutions for Source-to-Pay

This year’s Source-to-Pay leaders are:

  • askLio - An AI solution that has processed billions of data points, to automatically convert purchase requests into orders, in an advanced tool with enterprise-level security.
  • Coupa - A community-generated AI tool, and industry leading total spend management platform for businesses of all sizes.
  • Ivalua - A unified and flexible AI-powered source-to-pay platform, with its data model and single code base providing easy access to 360-degree supplier information, from anywhere.
  • Payflows - A suite of standalone modules that combine seamlessly into a simple all-in-one finance platform which works as an ERP overlayer to any accounting system.

To explore these solutions and the rest of this year’s PT100 cohort, you can read the full 2024 Yearbook here.

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