MIAMI--(BUSINESS WIRE)--Aug 23, 2023--
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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230823641401/en/
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230823641401/en/
Gary Baker, Global Communications Director - (917) 796-2391 orgbaker@thehackettgroup.com
KEYWORD: FLORIDA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY CONSULTING MARKETING OTHER TECHNOLOGY COMMUNICATIONS PROFESSIONAL SERVICES SOFTWARE DATA MANAGEMENT OTHER PROFESSIONAL SERVICES
SOURCE: The Hackett Group, Inc.
Copyright Business Wire 2023.
PUB: 08/23/2023 10:00 AM/DISC: 08/23/2023 10:01 AM
http://www.businesswire.com/news/home/20230823641401/en