North America and Europe are the largest markets for financial reporting software due to the presence of global banks, financial institutions, MNCs with high reporting requirements, stringent regulatory framework, and excellent data protection and privacy laws.
LONDON: The procurement research report on the financial reporting software market is an indispensable part of SpendEdge’s IT category portfolio and offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. Furthermore, it also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.
The banking and financial services industry is the major buyer of the financial reporting software market. The increase in regulatory requirements due to major financial debacles around the world has also played a crucial role in the growth of this market.
“Businesses must assess the strength of the cloud security provided by the supplier by using a cloud controls matrix,” says Bhuvaneshwari Udayakumar, an IT industry procurement research specialist at SpendEdge.
One of the major challenge faced by procurement managers in procuring financial reporting software is the data security and privacy. The storage of data in public cloud, which is shared by multiple clients, exposes the businesses to the risk of data manipulation and exploitation by competitors.
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This procurement report on the financial reporting software market offers insights on:
- Supply markets, growth drivers, trends, and imminent restraints
- Key suppliers and assessment of their capabilities
- Procurement best practices
- Negotiation strategies and cost-saving opportunities
- Pricing models and category innovations
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