Coupa Software: Driving Best Spend Management Practices with Comprehensive Cloud Platform
Companies often try to reduce and take control of their spend and related risk around purchasing, employee expenses, and supplier management, but the success of such initiatives depends upon the quality and consistency of supplier and product data across all relevant systems within the enterprise. Historically, Spend Management has consisted of siloed and disjointed processes. Encountering such complexity, a broad range of companies utilise a combination of their existing ERP systems and point solutions in an attempt to integrate together. This results in an unsystematic and disjointed approach that leads to the aforementioned silos with the lack of flexibility to change with the business. Setting themselves apart from their competitors in the market is Coupa Software, established in 2006, offers their fully comprehensive, open, and user-centric Coupa platform that assists enterprises to efficiently manage all of their spend in one place. As a cloud platform, all of the company’s offerings are on one code line, not a fragmented mix of multiple code lines sold by the same company. Entirely in the cloud, Coupa permits CIOs, key personnel and technical teams to launch and maintain the platform with ease. Rob Bernshteyn, CEO, Coupa software, adds, “A true unified spend platform can only be built when you build an organization, from the beginning, in the cloud.” This feature-rich platform on cloud helps companies achieve visibility and control of their spend across their organization. It also assures increased efficiency post moving paper-based processes onto the cloud. Everything is managed electronically so that there are no last minute unpleasant surprises and no fraud in invoicing. Late fees from misplaced invoices that was originally taken care of manually no longer pose themselves as an issue and acquired companies can effortlessly be merged into the business’s current spend processes. In addition to this, expense reports can prove to be quite the arduous process for employees and finance alike. However, with Coupa, it is extremely easy to manage and submit expenses on the go. Specific expense rules can be integrated into the Coupa Expense product, ensuring compliance with the Travel and Expense policies.
Known for having worked with a plethora of renowned businesses, a large retail organization approached Coupa to help resolve certain challenges faced by the company that not only proved to be costly for them but time-consuming as well. Post understanding the client’s unique requirements, the company leveraged their novel platform, Coupa, which reduced the client’s 17 manual processes feeding into 17 different systems down to just one.
In the same company, time to process a Purchase Order(PO) went from 20 minutes to three minutes; with an estimated 10,000 POs, which amounted to a savings of 2800 hours per month.
Delving Deeper into the Platform Offering
Apart from being built ground up as a cloud platform, Coupa is uniquely positioned to add “Value-as-a- Service” to all of their customers. Rob elaborates, “We do this with Coupa’s Community Intelligence - prescriptive insights leveraging data from your own business, as well as over $550 billion in managed spend across our global customers.” This enables Coupa to not only provide best-in-class benchmarks for spend management, but also harnesses the power of advanced artificial intelligence to offer prescriptive recommendations based on every company’s unique spend behaviour. Available in real time in the product, enterprises find it almost effortless to optimize and maximize every amount the business spends.
Making Progress in Spend Management Sector
With more than 600 customers to their ever-growing customer base and over $570 billion in spend under management, Coupa has been recognized as an award-winning cloud platform for spend management. Leading analyst firms including Forrester, Gartner and PayStream have constantly ranked Coupa as a top vendor for P2P and business spend. In conjunction with this, Coupa Software in its latest financial results report (for the third quarter of fiscal 2018) projects that the demand for the company’s spend management platform has escalated to 39 percent in year-over-year subscription revenue. Mapping out their plans for the future, Coupa will continue to invest in developing the most comprehensive, open, user-centric, prescriptive and accelerated platform for spend management.
Delving Deeper into the Platform Offering
Apart from being built ground up as a cloud platform, Coupa is uniquely positioned to add “Value-as-a- Service” to all of their customers. Rob elaborates, “We do this with Coupa’s Community Intelligence - prescriptive insights leveraging data from your own business, as well as over $550 billion in managed spend across our global customers.” This enables Coupa to not only provide best-in-class benchmarks for spend management, but also harnesses the power of advanced artificial intelligence to offer prescriptive recommendations based on every company’s unique spend behaviour. Available in real time in the product, enterprises find it almost effortless to optimize and maximize every amount the business spends.
With an influx of SMBs into the market that are still in the process of putting systems in place and have a higher tendency to run into unplanned problems related to spend and supplier management, Coupa is engineered with the capability to scale with the SMBs requirements. With express integrations into Netsuite and Microsoft Great Plains, SMBs can quickly get up and running with Coupa, leveraging the solutions on the platform that are needed today. Coupa provides a lifeline for spend efficiency, compliance and visibility without the need for a massive team managing sourcing, procurement, expenses, and invoicing.
This feature-rich platform on cloud helps companies achieve visibility and control of spend across their organization.
Making Progress in Spend Management Sector
With more than 600 customers to their ever-growing customer base and over $570 billion in spend under management, Coupa has been recognized as an award-winning cloud platform for spend management. Leading analyst firms including Forrester, Gartner and PayStream have constantly ranked Coupa as a top vendor for P2P and business spend. In conjunction with this, Coupa Software in its latest financial results report (for the third quarter of fiscal 2018) projects that the demand for the company’s spend management platform has escalated to 39 percent in year-over-year subscription revenue. Mapping out their plans for the future, Coupa will continue to invest in developing the most comprehensive, open, user-centric, prescriptive and accelerated platform for spend management.
