Procure to Pay Suites: 10 Vendors to Watch in 2024

Procure-to-pay (P2P) suites have emerged as comprehensive solutions to manage the entire procurement lifecycle. They promise to streamline P2P through integration, automation, and analytical insights. But with so many vendors offering P2P suites, how do you choose?

This blog benchmarks the top 10 P2P solutions based on reviews, market presence, and differentiation. It also provides guidance on whether buyers should opt for an integrated suite or best-of-breed tools.

Overview of Procure to Pay Suites

First, what are P2P suites and what value do they offer?

P2P suites consolidate various steps of the procurement cycle onto a single platform:

Procure to Pay Cycle

Image source: AIMultiple

Rather than using separate niche solutions, P2P suites integrate:

  • Source to contract: Vendor discovery, RFx, eSourcing, contract management
  • Procure to pay: Purchase requisitions, POs, receiving, invoicing, payments
  • Spend analytics: Insights into spending patterns, savings opportunities, etc.

According to Gartner, benefits of P2P suites include[^1]:

  • Consolidation: Using one platform instead of disparate tools leads to process simplification.
  • Integration: Tight connections between modules enables smoother data flow.
  • Analytics: Embedding intelligence provides a holistic view of P2P spend.
  • User experience: Modern UX principles enhance worker productivity.

However, P2P suites aren‘t always the right choice, as discussed later. Now let‘s examine the top vendors in this market.

10 Leading Procure to Pay Suite Vendors

Below are 10 prominent P2P solutions evaluated on peer reviews and market traction:

Vendor Founded Key Customers Ratings Total Reviews Revenue
Coupa 2006 Schneider Electric, Cummins, Barclays 4.3 996 $300M+
SAP Ariba 1996 Accenture, HP, General Electric 3.9 875 $1B+
PRM360 1998 Caterpillar, Verizon, McDonald‘s 4.8 290 $50M+
Basware 1985 Procter & Gamble, DHL, Bosch 4.2 268 $100M+
JAGGAER ONE 1996 Cisco, Total, Nestle 4.4 178 $75M+
GEP Smart 2000 Nike, Colgate-Palmolive, GlaxoSmithKline 4.5 157 $300M+
Medius 2001 Lego, GE, Volkswagen 4.3 147 $75M+
Oracle Procurement Cloud 2019 Toyota, Exxon Mobil, AT&T 4.2 137 $2.5B+
Ivalua 2000 J&J, Bayer, Nissan 4.1 95 $100M+
Tradeshift Pay 2010 Air France, BNP Paribas, Maersk 4.0 54 $200M+

Revenue and customer data compiled from company reports and news articles.

These solutions can automate and connect most procurement processes. But which one(s) should make your shortlist?

Creating a Shortlist of P2P Vendors

Rather than comparing feature-by-feature, I suggest a 2-step approach to narrow down options:

1. Focus on suites not point solutions

The vendors above provide integrated P2P platforms rather than niche tools for e.g. just e-sourcing or invoice processing.

2. Prioritize widely used solutions

More installs and peer reviews indicate a larger customer base and support ecosystem. Hence vendors with higher reviews are ranked higher in this analysis.

After filtering on these two criteria, you can evaluate the remaining choices based on your unique needs…

Key Differentiators Between P2P Solutions

While P2P suites share common capabilities, they differentiate across:

  • Industry focus – Some cater to manufacturing, others to services, public sector, etc.
  • Geographies served – Language support, regulatory compliance, etc.
  • Service procurement – SOW management, project procurement, milestones
  • Contingent labor – Temp/contractor management, rate cards, onboarding
  • Catalog management – Search, product content, guided buying
  • Suppliers network – Number of suppliers integrated for e-procurement
  • Discount management – Rate cards, contract compliance monitoring
  • AP automation – eInvoicing, workflow, dynamic discounting
  • Integration capabilities – REST APIs, out-of-the-box connectors, extensibility options
  • Embedded analytics – Reporting, dashboards, spend analysis
  • Usability and UX – Responsive interface, mobile access

According to 2020 Gartner data, the top players compared across these areas are:

Category Leader Strong Performers
Operational Procurement Coupa Oracle, SAP Ariba
Procurement Analytics Coupa, SAP Ariba Ivalua, Sievo
Invoice Management Coupa Tradeshift, SAP Ariba
Supplier Management SAP Ariba Coupa, Ivalua

Source: Gartner

Evaluate P2P solutions based on categories most important for your needs. Top vendors may not lead in every area.

Monolithic Suite vs Best-of-Breed Tools

Should you choose an integrated P2P platform or specialized modules from different vendors?

Benefits of a consolidated P2P suite:

  • Single vendor relationship
  • Seamless data flow between modules
  • Potentially faster implementation
  • Lower training costs

Benefits of best-of-breed procurement tools:

  • Select the best solution for each process
  • Avoid vendor lock-in
  • Leverage existing investments
  • Implement incrementally vs all at once

According to Gartner, best-of-breed approaches are gaining popularity:

"In many areas, it makes sense to consider alternative specialist solutions to replace or — in some cases complement — the suite offerings."[^2]

My advice is to focus on capabilities first and let that determine whether an integrated or specialized route is preferable.

For example, organizations with significant service procurement needs may want a specialist tool like Beeline versus a general P2P suite. Manufacturers procuring complex equipment may need niche capabilities that suites lack.

On the other hand, smaller companies with simpler requirements may benefit from an end-to-end platform.

Don‘t assume you need to buy everything from one vendor. Evaluate both approaches to determine the ideal strategy.

Challenges with P2P Solutions

While P2P suites promise process efficiency, they come with adoption hurdles:

  • Overcustomization – Seeking the perfect config leads to endless tweaks and delays.
  • Integration complexity – Connecting to other systems like ERPs requires effort.
  • Lack of internal collaboration – Procurement, finance, IT must align for success.
  • Change management – Getting users to adopt new processes needs planning.
  • Unrealistic expectations – Thinking software alone will fix processes.
  • Point solutions – Expecting the P2P suite to excel in every area when niche tools may be better.

According to Forrester, over 50% of P2P software projects face timeline overruns and budget excesses.

Here are best practices to drive P2P suite success:

  • Take an agile approach – Implement in phases instead of a big bang.
  • Get executive sponsorship – Communicate benefits to stakeholders.
  • Simplify integrations – Leverage middleware, APIs, ERP-provided connectors.
  • Train end users – Make adoption easy through tutorials, helplines.
  • Continuously improve – Gather user feedback, enhance platform iteratively.
  • Measure ROI – Track metrics pre and post-implementation.

Use Cases for P2P Solutions

Let‘s examine how P2P suites apply across industries and processes.

Indirect Procurement

For sourcing everyday office supplies, travel, marketing expenses, etc. Goals include:

  • Intuitive buying experience
  • Fast approvals
  • Broad supplier network
  • Competitive pricing
  • Full audit trails

Example: Coupa used by Schneider Electric for indirect spend management.

Direct Materials Sourcing

For procuring raw materials and components used in manufacturing. Requires:

  • Collaboration on demand forecasts
  • Quality compliance
  • Supplier managed inventory
  • Shop floor integration
  • Should cost modeling

Example: GEP Smart used by Harley Davidson to gain visibility into spend.

Project-Based Services

For professional/consulting services, contingent workforce, construction services. Needs include:

  • Statement of work authoring
  • Project cost tracking
  • Milestone management
  • Rate cards, markups
  • Temp workforce integration

Example: SAP Ariba used by Accenture to manage their SOW contracting processes.

Finance Shared Services

When finance owns end-to-end P2P, key requirements are:

  • Invoice digitization
  • Touchless invoice processing
  • Dynamic discounting
  • Payments automation
  • Accruals management

Example: Basware used by ski resort operator Vail Resorts to optimize working capital.

Complex Multinational Environments

For global conglomerates procuring in diverse categories. Needs include:

  • Localization
  • Regulatory compliance
  • Cross-system integration
  • Advanced data analytics
  • Extensive custom fields

Example: Ivalua used by DENSO to unify procurement across 150 legal entities.

Emerging P2P Innovations

Recent advances in AI and machine learning are transforming P2P processes:

  • Anomaly detection – Identify unusual transactions that may need review.
  • Predictive analytics – Forecast future spend, inventory needs, etc.
  • Chatbots – Enable natural conversational interactions.
  • Process mining – Discover bottlenecks and optimization opportunities.
  • Text mining – Extract insights from unstructured data like contracts.

For example, machine learning techniques can boost invoice processing efficiency by over 50% through automation, according to Capgemini.

As an expert in AI-enabled P2P, I recommend starting with a pilot project focused on high-impact use cases before pursuing enterprise-wide initiatives. Quick wins build momentum.

Key Takeaways

Some closing recommendations regarding P2P suites:

  • Don‘t assume you need a single vendor – Best-of-breed may work better
  • Focus on key differentiators based on your needs
  • Set realistic expectations – Tools alone won‘t fix processes
  • Take an iterative approach to implementation
  • Get executive support and train end users for adoption
  • Continuously track benefits and ROI

Replacing legacy systems with a modern P2P platform can significantly boost procurement performance. But technology is only an enabler. Aligning stakeholders, addressing change management, and tracking benefits realization are equally critical for driving value.


[Your Name] is a data analyst and digital procurement expert with 10+ years of experience in process automation, ERP systems, and emerging technologies like AI/ML. He has implemented Coupa, Ariba, and similar solutions across Fortune 500 companies. [Your Name] has an MBA from XYZ University. [^1]: "Critical Capabilities for Procure-to-Pay Suites". Gartner. Retrieved September 23, 2022. [^2]: "Don’t Assume You Have to Use an S2S Suite to Digitalize Procurement and Sourcing". Gartner. Retrieved September 23, 2022.