Procurement as a service Market

Procurement as a service Market: Introduction

Traditionally, procurement has been seen as a backroom work, however its practitioners are gradually receiving recognition since past few years. Although procurement incorporates platforms, for example, platform-as-a-service and software-as-a-service, the procurement-as-a-service platform is currently in its initial stage. The services provided in procurement-as-a-service contain KPO, business procedure outsourcing (BPO), auditing and quality check, and supplier management.

The developing need among companies to decrease the expenses associated with procurement operations and streamline procurement procedures is foreseen to fuel the development of market globally across several industry verticals.

Procurement as a service Market: Novel development

• In January 2019, Accenture came up with SynOps, an AI operated motor that uses advanced analytics, data, and deep learning to enable organizations to achieve insightful operations across key business capacities. These capacities incorporate accounting and finance, procurement, and marketing.
• In November 2018, Accenture took over Intrigo Systems, a supplier of advisory and frameworks integration services for cloud solutions and SAP works in eCommerce, store network, and procurement. The acquisition fortifies Accenture's abilities in providing ventures with procurement transformation and inventory network.
• In July 2017, Genpact released an AI-based platform, Genpact Cora which integrates analytics, automation, and AI motors, in a single, bound-together platform. The company utilizes the platform to privide procurement and inventory network solutions for its customers.
• In January 2017, WNS took over Denali Sourcing Services, a strategic procurement Business Process Management (BPM) solution supplier. The acquisition gave strategic category management and sourcing capability to the WNS solution suite. Joined with WNS's current P2P capabilities, the acquisition also enables WNS to offer total start to finish S2P solutions for its clients.

The key players operating in the global procurement as a service merchant incorporates Infosys (India), Accenture (Ireland), GEP (US), Proxima (UK), Genpact (US), WNS (India), Capgemini (France), IBM (US), HCL Technologies (India), Wipro (India), TCS (India), Aegis (India), Xchanging (UK), Corbus (India), CA Technologies (US), and so forth.

Procurement as a service Market Dynamics

High Consumer Demand to Boost market Demand

Rising consumer demand and increasing competition across the globe are expected to encourage companies to gain an edge over their competitors. Manufacturing firms work to provide higher quality at lesser price, more up to date features, and shorter generation times while sustaining the presence in the market are dealing with the prices viably. Thus, manufacturing companies are dynamically taking up procurement outsourcing and advanced solutions, which help them streamline the process of manufacturing, along with significant cost-effectiveness. Owing to this, they are able to concentrate on their ability, for example, production, manufacturing aptitudes, generation, and timely delivery. Procurement as a service in the manufacturing business takes care of procedures, for example, supplier management, sourcing and category management, spend analysis, sourcing and category management, Source-to-pay (S2P) and Procure-to-Pay (P2P) process management (while guaranteeing execution compliance), and managing and planning the production network costs.

Procurement as a service Market: Geographical Analysis

North America is foreseen to emerge as the biggest market in size, in the global procurement as a service market, since the region is a key hub for advanced technological developments, and adopts the technologies pretty faster. The ventures in the North America are concentrating on enhancing the procurement operations and executing the prescribed procedures for procurement operations. Outsourcing of procurement helps ventures in increasing the productivity of procurement procedures. It even helps them stay focused in the market. The emergence of key players in the mentioned region bolsters the demand regarding the popularity of procurement as a service.