BWI: Procurement Industry in India to Focus Heavily on Procure to Pay Technologies and E-procurement

Press release from Business Wire India
Source: IQPC India (P) Ltd
Monday, September 06, 2010 10:12 AM IST (04:42 AM GMT)
Editors: General: Consumer interest, Economy; Business: Advertising, PR & marketing, Banking & financial services, Business services, Education & training, Household & personal care products & services, Information technology, Retailers; Technology
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Procurement Industry in India to Focus Heavily on Procure to Pay Technologies and E-procurement


Bangalore, Karnataka, India, Monday, September 06, 2010 -- (Business Wire India) -- Due to the global downturn and economic slowdown in India last year, organisations and Indian multi-nationals have begun to focus on the latest procurement technologies to reduce purchasing and production costs. As an increased number of Indian firms are gaining global recognition, there is a greater demand for supply and procurement resulting in complex processes and production cycles. Taking cue from global companies, industries in India are investing heavily in Procure to Pay solutions popularly known as P2P. Procure-to-Pay systems automate the full purchase to payment process, connecting procurement and invoicing operations through an intertwined business flow that automates the process from identification of a need, planning and budgeting, through to procurement and payment.

Research shows that paper work and lead time in procurement cycles are significantly reduced and greater visibility in the payment cycles are achieved thereby increasing operational efficiency. The procurement industry growing at a rate of 20% in 2010 is testimony to this fact.

An important application of P2P solutions is e-procurement. The growing popularity of e-procurement and e-options has resulted in these applications being implemented in Government agencies, FMCG, manufacturing and retail chains in India. According to the World Bank " In Karnataka, India, 20 million land records were computerized at a cost of $4.2 million - the annual savings add up to $ 18.3 million. In Sao Paulo, the investment in an e-procurement system recouped in 5.7 days. Korea's $80 million investment brought $ 2.7 billion in annual savings". This has also eradicated corruption and red tape in several organisations.

IQPC (International Quality and Productivity Center), a premier event services company has been studying the latest trends and conducting market surveys on P2P solutions in India and the Middle-East. The findings have shown that there is a disconnect between suppliers and the procurement departments in using these latest e-procurement solutions, although the trend is catching up. To popularize e-procurement in India and take procurement to the next level, IQPC will launch Procure to Pay India 2010 Forum, the Indian edition of its global Finance IQ events from 28- 29 September at the Le Meridian, Mumbai. The event will feature exclusive presentations by high level speakers from organizations like Tata Steel, Pepsico - FritolayNestle India, Bharat Petroleum, Cadbury India and many others.

Procure to Pay India 2010 is sponsored by some of the leading solutions providers in the area of P2P and Source to Pay like Genpact, Kofax, Take solutions, Zycus and Newgen who will also contribute towards the dialogue and offer their solutions in alleviating the challenges facing the industry over two days of incisive learning and excessive knowledge exchange.

More information on conference participation, speakers, technology solution providers and agenda is available on the event website www.procuretopayindia.com


IQPC provides practical conferences, large scale events, topical seminars and in-house training programs, keeping business executives up-to-date with industry trends, technological developments and the regulatory landscape. IQPC produces more than 1,800 events annually around the world, and continues to grow. Founded in 1973, IQPC now has offices in major cities across six continents including: Bengaluru, Berlin, Dubai, London, New York, Sao Paulo, Singapore, Stockholm, Sydney, and Toronto.




CONTACT DETAILS
Chandana Rana, IQPC India (P) Ltd, +971 4 364 2975, enquiry@iqpc.ae

KEYWORDS
CONSUMER, ECONOMY, MARKETING, BANKING, BUSINESS SERVICES, EDUCATION, HOUSEHOLD, IT, RETAIL, TECHNOLOGY

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