Zycus Reports Exceptional Growth in Procure-to-Pay Solution Space
PRINCETON, N.J. April 27, 2016 Zycus, the world leader in Procurement Technology solutions across the source-to-pay cycle, announced today that its revenue from Procure-to-Pay (P2P) has grown more than 300% over the past year. Company executives attribute this rapid growth to the Zycus solution’s combination of innovative next-generation P2P capability and ease of use.
“eProcurement is a relatively mature application space with first iterations coming to market around the turn of the century,” observes Zycus Vice President of Corporate Development Richard Waugh. “But first-generation P2P solutions lacked ease of use and were not well adopted by the enterprises that invested in them. A key rationale for Zycus entering this market was to close key functional gaps that were preventing P2P solutions from gaining traction and delivering on their potential for real ROI and corporate cost control.”
Zycus’ P2P customers have gravitated toward the next-generation solution to deliver intuitive user experiences that promote higher user adoption, more effective spend control, process efficiency, and compliance, as well as full integration and spend visibility across Source-to-Pay (S2P) processes.
A customer in High Tech cited the benefit of having P2P deployed as part of an organically developed, single Source-to-Pay suite. “There is a clear preference in the marketplace today for a single S2P platform – in which every application has a similar look and feel and there is real integration of both data and process,” Waugh notes. “Zycus now delivers a complete source-to-pay workflow – one that can turn an off-contract requisition into a sourcing event, a sourcing event into a PO or contract, then to a completed, matched transaction with key details flowing into business intelligence. That is the ultimate vision contemporary procurement leaders want to achieve.”
The big innovation Zycus brought to P2P is a deep integration of its patented Auto-Class technology at the point of requisition – with virtually zero burden to end users. It enables companies to actively guide people to purchase specific items from preferred suppliers at negotiated prices. By doing this really well, the Zycus Guided Procurement System (GPS) enables many more transactions to occur without direct intervention of procurement professionals, yet keeping the company in complete control of the spending process.
“There is this notion in the marketplace,” Waugh continues, “that, to make P2P work – to win broad acceptance and use – it is simply a matter of replicating the consumer shopping experience in a business environment. But business commerce is never going to be as simple as consumer commerce. Businesses need controls. The Zycus next-gen P2P solution is not about simply ‘consumerizing’ the UI, but rather about accommodating all the complexity that businesses need while masking that complexity to end users via an intuitive, easy-to-navigate interface.”
To learn more about Zycus Procure-to-Pay, access the P2P datasheet here.