BUSINESS SPEND MANAGEMENT SOFTWARE MARKET ANALYSIS

Business Spend Management Software Market, By Component (Software/Platform, and Services), By Deployment Type (On-Premise, and SaaS), By Enterprise Size (SME’s, and Large Enterprises), By Solution (Contract & Tender Management, Procure-to-Pay Solutions, Travel & Expense Management, Supplier & Risk Management, and Spend Management/Spend Analytics), By End-use Industry (BFSI, Education, Energy & Utility, Healthcare, Hospitality, IT & Telecom, Manufacturing, and Retail), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East& Africa)

Published In : Jul 2023
Code : CMI3118
Pages :180
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Challenges And Opportunities

Restraints & Challenges:

Lack of trained professionals

Global Business Spend Management Software Market- Restraint

Lack of availability of trained professionals

Spend management software deployment and configuration require skill and familiarity with the program's features. To correctly set up the software, integrate it with current systems, design procedures, and arrange adaptations to fit the organization's particular needs, trained personnel are required. Businesses may struggle to execute the software properly without trained personnel, which could result in suboptimal utilisation or even project failure. For instance, Ivalua, a provider of spend management cloud solutions, stated in its blog that, 86% of UK Businesses encounter problems while Developing Digital Skills in Procurement