Business Spend Management (BSM) is the collection of various business processes, such as Procurement, Invoicing, Expense Management, and Other Cash Disbursements, supported by software. Budgeting, inventory, contract lifecycle management, supplier management, strategic sourcing and analytics are all part of BSM. Responsible for all business operations and works closely with Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Human Capital Management (HCM). Use multiple technologies to computerize spend-related activities from procure-to-pay (P2P) to enable planned purchases. Business Spend Management (BSM) provides a comprehensive real-time view of spending, enabling administrators to effectively analyze all spending areas.
Market Dynamics
Business spend management solutions provide users with access to structured workflows and a clear view of procurement analytics, both of which help identify the most effective strategies to secure cost savings. . A business expense management solution consolidates all expenses under one roof, fosters cross-departmental collaboration, and increases spend transparency and accountability. In addition, the commission will enable threats to be identified through detailed examination of supply market patterns, contracts and vendor execution scorecards. The system also provides automated supply market-related alerts and receives general agreement notifications to further assist in identifying and mitigating risks.
Key features of the study:
- This report provides an in-depth analysis of the global Business Spend Management Software Market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2023-2030), considering 2022 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading market players
- It profiles leading players in the global Business Spend Management Software Market based on the following parameters - company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
- Companies covered as a part of this study are Companies Covered (11) Advanced, Ariba, Inc. (SAP SE), Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay), and others.
- Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
- Global Business Spend Management Software Market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global Business Spend Management Software Market
Detailed Segmentation
- Global Business Spend Management Software Market, By Component:
- Software/Platform
- Services
- Stepper Motors
- Global Business Spend Management Software Market, By Deployment Type:
- Global Business Spend Management Software Market, By Enterprise Size:
- Global Business Spend Management Software Market, By Solution:
- Contract & Tender Management
- Procure-to-Pay Solutions
- Travel & Expense Management
- Supplier & Risk Management
- Spend Management/Spend Analytics
- Global Business Spend Management Software Market, By End Use Industry:
- BFSI
- Education
- Energy & Utility
- Healthcare
- Hospitality
- IT & Telecom
- Manufacturing
- Retail
- Global Business Spend Management Software Market, By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
- Company Profiles
- Advanced
- Ariba, Inc. (SAP SE)
- Coupa Software Inc
- GEP, Procurify
- Sage Intacct Inc. (The Sage Group PLC),
- Sievo
- SutiSoft, Inc.
- TOUCHSTONE GROUP PLC
- VA Tech Ventures Pvt Limited (Happay)
- Others
