New Market Intelligence Research Finds That
Top-Performing P2P Solutions Providers Deliver Companies
Dramatically Higher Value Creation
The Hackett Group, Inc. (NASDAQ: HCKT) today announced the
availability of its purchase-to-pay (P2P) software solutions market
intelligence research. The Hackett Value Matrix™ analyzes 10
leading P2P solutions providers in terms of their ability to
deliver value, breadth of capability, solution maturity and
actionable insight.
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The P2P Hackett Value Matrix charts the
value realization, breadth of capability and solution maturity for
leading purchase-to-pay solutions providers. High resolution image
available on request. (Graphic: The Hackett Group)
Today’s P2P solutions are a fundamental building block to
enabling digital transformation for world-class organizations.
These solutions transform procurement organizations into strategic,
efficient and data-driven functions that drive cost savings,
enhance both supplier and internal customer relationship, ensure
compliance, reduce risk, and support business growth. Indeed, The
Hackett Group’s research found that technology is changing the way
procurement professionals work, and the best P2P solutions are
using automation to create virtually touchless e-procurement
environments, taking humans out of the equation. They also capture
a tremendous amount of data to continuously improve spend
visibility, while setting the foundation for the application of
generative artificial intelligence to uncover new approaches for
spend cost improvement, improve channel management and even
rearchitect supply chains to reduce continuity risks.
The research from The Hackett Group® found that top-performing
P2P solutions providers enable companies to achieve dramatically
higher value creation than typical companies, including:
- $35-$45 million greater spend savings/avoidance (for a typical
$10 billion company)
- 73% touchless requisition-to-purchase order transaction
automation
- 68% key supplier adoption and transaction automation
- 40%-60% improvement in spend visibility and spend
management
- 29% reduction in requisition-to-purchase order transaction
cost, with 92% purchase order adoption for greater spend
control
- 28% improvement in invoice processing productivity
Three solutions providers achieved Digital World Class® status
in the P2P Hackett Value Matrix: Coupa, JAGGAER and SAP. Four
others were named as Challengers: Basware, GEP, Ivalua and Oracle.
One solutions provider, Quadient, was named as Emerging. Two other
solutions providers – Kissflow and Synertrade – are included in the
research but were not plotted on the Hackett Value Matrix due to
insufficient sample size.
The P2P Hackett Value Matrix and related research is a product
of The Hackett Group’s Market Intelligence Service. The service is
designed to evaluate software and service providers’ ability to
deliver quantifiable results from specialized and differentiated
capabilities.
The research analyzed performance data in The Hackett Group’s
extensive proprietary benchmarking database, software performance
data from customers using the P2P solutions, and interviews with
the solutions providers and end users. The Hackett Value Matrix
analyzes providers’ unique capabilities against the benefit
companies can achieve with the help of their solution. Providers
that offer breakthrough capabilities and incredible value
realization earn the distinction of Digital World Class.
Related to the P2P research scope, The Hackett Group analyzed
solutions providers in four key areas: onboarding and data
management; requisitioning and ordering; receiving and evaluating;
and invoice processing.
According to The Hackett Group Principal and Global Procurement
Advisory Practice Leader Chris Sawchuk, “A continuous improvement
mindset is critical to procurement strategy in today’s challenging
business environment. Change is constant -- from new suppliers to
new technologies to new risks and regulations. In that context, our
research identified the best P2P solutions providers as true
innovators who are finding new ways for procurement organizations
to derive more insights and deliver greater value.”
The Hackett Group Director Richard Gardner added that “We also
found that the best P2P solutions providers excel in several other
areas. They have dramatically streamlined the onboarding process
for suppliers, integrating third-party solutions that pre-validate
supplier data. Digital supplier collaboration is key to improving
spend savings and reducing risk. They also offer solutions designed
to address the complicated process of global invoicing compliance
and the emerging area of reporting and tracking for environmental,
social, and governance metrics. They are more flexible, provide
greater channel coverage, and they require less customization
improving speed-to-value for customers.”
Ted A. Fernandez, Chairman & CEO of The Hackett Group,
explained that “Our vast global client base, which includes 93% of
the Fortune 100, cited a gap in provider insight around the
realization of value from specific software and service
investments. The Hackett Group is uniquely qualified to address
this fundamental requirement in market intelligence due to our vast
benchmarking database and implementation knowledge. We are pleased
to issue our Hackett Value Matrix in P2P Software Solutions – which
will be followed by a series of similar research reports covering
software and services across the enterprise, including enterprise
performance management (EPM) software providers and finance and
accounting outsourcers.”
The P2P Hackett Value Matrix is part of The Hackett Group’s full
64-page P2P research report, which is available now to solutions
providers, research advisory and consulting clients through a new
P2P Market Intelligence Program that provides a concierge level of
insight into the P2P solutions provider market. The P2P Hackett
Value Matrix should be read in the context of the entire report. A
20-page summary report is also available on a complimentary basis,
with registration, at https://go.poweredbyhackett.com/p2psp2308.
The full research is also available for purchase. Interested
parties can learn more at https://go.poweredbyhackett.com/vsm or by
visiting the web page for our Market Intelligence Service at
https://www.thehackettgroup.com/market-intelligence/.
The Hackett Group does not endorse any participant, vendor,
product or service depicted in its research. This research should
not be considered as advice that a technology user select only
those participants based on their ranking or position on the P2P
Hackett Value Matrix. The Hackett Group’s research publications
consist of the opinions of its research organization and should not
be interpreted as factual statements. The Hackett Group disclaims
all warranties, expressed or implied, with respect to this
research, including any warranties of merchantability or fitness
for a particular purpose.
About The Hackett Group
The Hackett Group, Inc. (NASDAQ: HCKT) is a leading
benchmarking, research advisory and strategic consultancy firm that
enables organizations to achieve Digital World Class®
performance.
Drawing upon our unparalleled intellectual property from more
than 25,000 benchmark studies and our Hackett-Certified® best
practices repository from the world’s leading businesses –
including 97% of the Dow Jones Industrials, 93% of the Fortune 100,
73% of the DAX 40 and 52% of the FTSE 100 – captured through our
leading benchmarking platform Quantum Leap® and our Digital
Transformation Platform, we accelerate digital transformations,
including enterprise cloud implementations.
For more information on The Hackett Group, visit:
https://www.thehackettgroup.com/; email info@thehackettgroup.com;
or call (770) 225-3600.
The Hackett Group, Hackett-Certified, quadrant logo, World Class
Defined and Enabled, Quantum Leap, Digital World Class and Hackett
Value Matrix are the registered marks of The Hackett Group.
Cautionary Statement Regarding “Forward-Looking”
Statements
This release contains “forward-looking” statements within the
meaning of Section 27A of the Securities Act of 1933 as amended and
Section 21E of the Securities Exchange Act of 1934, as amended.
Statements including without limitation, words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” seeks,” “estimates,”
or other similar phrases or variations of such words or similar
expressions indicating, present or future anticipated or expected
occurrences or outcomes are intended to identify such
forward-looking statements. Forward-looking statements are not
statements of historical fact and involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results, performance or achievements to be materially different
from the results, performance or achievements expressed or implied
by the forward-looking statements. Factors that may impact such
forward-looking statements include without limitation, the ability
of The Hackett Group to effectively market its digital
transformation and other consulting services, competition from
other consulting and technology companies that may have or develop
in the future, similar offerings, the commercial viability of The
Hackett Group and its services as well as other risk detailed in
The Hackett Group’s reports filed with the United States Securities
and Exchange Commission. The Hackett Group does not undertake any
duty to update this release or any forward-looking statements
contained herein.
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Gary Baker, Global Communications Director - (917) 796-2391 or
gbaker@thehackettgroup.com
Hackett (NASDAQ:HCKT)
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