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Companies' need to modernise business expenditure processes to manage problems posed by the volatile and dynamic business environment (such as skilled labour deficits and global supply chain disruptions) is likely to boost the global business spend management (BSM) software market. To avoid log jams, companies try to reduce supply chain risk, optimise market routes, and automate maintenance, repair, and overhaul (MRO) procedures. These activities are made easier with the help of spend management software. The market is projected to be stimulated by such solutions. Primary markets are likely to be North America, Europe, and Asia.
Business spend management (BSM) software solutions have been witnessing increased adoption, particularly in the manufacturing industry. Manufacturing firms are increasingly striving to upgrade their business spend procedures in order to deal with global disruptions. The manufacturing sector, like many other businesses, continues to face several issues, ranging from skilled labour shortages to global supply chain interruptions. Business spend management (BSM) software solutions enable businesses to unify supply chain, procurement, payments, and treasury in one place, allowing customers superior visibility and control over their firm’s spend to optimize cash flow and increase profitability.
In order to increase market share and expand operations, leading firms seek to offer advanced, compact and versatile solutions that reduce risk and costs, and provide real-time data collection and analysis features. For example, in 2022, Coupa Software achieved Moderate Authorization from the Federal Risk Authorization Management Program (FedRAMP). The authorisation allowed Coupa to be available on the FedRAMP Marketplace, enabling all federal agencies to start using Coupa’s all-in-one, cloud-based platform with the reliable layer of security and compliance.
In 2021, Coupa launched the Coupa App Marketplace, offering customers an easier and smarter way to expand the power of the business spend management (BSM) platform. The Coupa App Marketplace connected businesses with certified, pre-developed solutions that created a unified way to reach out to a trusted international community of BSM partners.
In 2021, Ivalua announced that Parkland Corporation had deployed Ivalua’s Source-to-Pay suite.
In 2021, Ivalua announced that Asian Paints successfully deployed Ivalua’s Contract Management and Supplier Information solutions to improve their strategic sourcing processes. The deployment was a significant step towards digitally transforming their overall supply chain processes.
Key Findings of the Report:
Market Analysis by Component, Deployment, Enterprise Size, Product, End-user, and Region:
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