Gone are the days when the role of procurement was limited to acquisition of raw materials or services for production of goods. The changing face of business is unceasingly redefining the functions of procurement to drive greater value by assigning new roles including innovation, supplier success, and internal customer experience to the process. This goes hand in hand with managing the overall procurement spend of the organization to realize optimum savings. Accommodating new functions while enabling cost savings is Coupa Software, a provider of cloud based applications for procurement and expense management, with a vision to bring consumer e-commerce ease to procurement management process. “Our aim is to provide customers with the industry’s best solutions that add value to their bottom line by driving measurable and quantifiable outcomes,” extols Rob Bernshteyn, CEO, Coupa Software.
The company offers a unified spend management suite with pre-integrated cloud applications for visibility across savings. Its cloud based Procure-to-Pay (P2P) solution allows users to search for a product or service by either manually entering the data or browsing through the categories. The solution then produces a list of relevant items following which the user can compare the items to find the product that best fits their needs. The suite controls the result in a way that the users can only buy things that they actually need. In case an item is not available in Coupa, it then points the right place or system. Coupa’s solution allows users to see the data they need, including general ledger codes and workflows before purchasing the commodity. The company’s P2P helps users purchase the required commodity from the right supplier on contract, while following the fiscal approval rules, while facilitating users to track and manage purchase orders in real-time.
Our aim is to provide customers with the industry’s best solutions that add value to their bottom line by driving measurable and quantifiable outcomes
Additionally, Coupa’s intelligent sourcing makes it easy for users to host sourcing events even for external individuals. It automatically moves the suppliers that won the bids into Coupa Procurement. The company’s integrated inventory matches on hand inventory with familiar requests to eliminate redundancy and prevent stockouts.
The firm’s solutions empower clients to generate savings and deliver measurable business impact, making it a ‘Savings-as-a-Service’ organization. In addition, Coupa helps clients achieve positive ROI through its single unified suite aggregating data across a number of transactions. Its ‘learn once, use anywhere interface makes it easy for clients to use the system. In one instance, Armstrong World, manufacturer of flooring, ceilings and cabinets, required to globalize their spend and procurement management. Coupa successfully resolved these issues by understanding the gaps and filling them with new software solutions to keep the spend flowing while managing procurement. It gave visibility to their spend and helped analyze it from a more strategic perspective. “We have now deployed in China, India, and are in process of deploying in Russia and other parts of Eastern Europe. It meets our need of managing the spend well,” explains Scott Cooper, VP, Global Procurement, Arsmstrong.
Further, the company’s spend management suite is recognized by a number of research firms as a top solution in the global procurement market. Forging ahead, Coupa will continue to help procurement professionals maintain contract compliance while monitoring external spend and enhancing its portfolio to better serve customers.