Organisations have been adopting traditional spend analytics to learn about the non-compliance scenarios and recognise the spend leakage cases in their procurement processes. However, the traditional spend analytics process is an extensive offline exercise that typically tends to overlook some of the important aspects like process delays, price variations, discount opportunities, and non-compliant transactions. This ultimately results in a measurable revenue loss, which drives companies toward an extended spend analytics, i.e., spend monitoring that regularly monitors live spending. The latest upcoming study of Fairfield Market Research intends to reveal the historic growth pattern of global spend analytics market and forecast how the growth will unfold further. COVID-19 pandemic has been a booster to rising interest of companies spend analytics, specifically spend monitoring.
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Advent of Predictive Analytics to Augur Well for Spend Analytics Market
Soaring demand for predictive analytics across industries is expected to bode well for the growth of spend analytics market, says the report. There has been an increasing adoption of predictive analytics for several business processes that helps businesses identify the potential loopholes in their existing workflows so as to arrive at the right strategic decisions. While this brings in newer opportunities and competitive benefits, it also aids in resolution of the various complicated business problems that are critical to the overall performance. Growing AI integration with the predictive analytics capabilities would garner actionable insights for organisations that contribute to their growth. As predictive analytics continues to advance in the spend analytics landscape, the latter is expected to experience a major transformation. With an advantage of high precision data analysis, this will be a solid booster to market growth.
Asia Pacific Holds New Revenue Generation Opportunities for Spend Analytics Market Players
Attributing to cheaper labour, land, and business-favourable environment, Asia Pacific is likely to represent a highly lucrative potential market for spend analytics solutions providers. The rapidly expanding business world, especially across China, and India, is being increasingly perceived as the most profitable investment pockets as they house the global manufacturing hubs that would be the biggest support to manufacturing functions worldwide. This according to the report is projected to pave the way for potential surge in adoption of spend analytics across industries. Besides manufacturing, logistics, F&B, pharmaceuticals, and BFSI are likely to emerge attractive in the region.
Key Players in Spend Analytics Market
IBM Corporation, SAS Institute Inc., Proactis, SAP SE, Zycus Inc., Coupa Software, JAGGAER, BravoSolution SPA, Ivalua, and Rosslyn Data Technologies constitute some of the top profiled players that would be covered in the competition analysis section of the report.
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