Technology Makes Purchasing More Effective
Analyst Perspective
Digitally transforming finance operations has been a priority since 2020. For purchasing and the procure-to-pay cycle, software can streamline processes, shorten process times, reduce unnecessary costs, provide greater visibility into cash flows, increase control and improve results. Digitizing operations helps attract and retain the best talent because professionals spend less time on mechanical, repetitive tasks. For all these reasons, beginning this year, Ventana Research’s Office of Finance has established a Procure to Pay focus area. One reason is that our research suggests that this transformation is more talked about than done. Ventana Research asserts that by 2027, only one-fourth of larger organizations will consistently manage procure-to-pay end to end, but those that do will outperform competitors.