Rob Bernshteyn, CEOToday, digital operations are seen as an exigency for supply chain management, to deliver on time and within the budget. But, many procurement executives still encounter roadblocks while trying to deal with the traditional paper-based spend management system. However, innovations to digitally transform the procurement operations are rising against this on-going challenge. Deliberating on this need, Coupa Software has designed their applications on finance, expense management, and accounts payable through a common interface, to enhance compliance and savings.
Founded in 2006, Coupa Software provides transformational business solutions for addressing this challenge. “Our highly usable software provides a simple-shopping cart experience by helping companies to optimize their spending through our success metrics,” says Rob Bernshteyn, CEO, Coupa Software.
Headquartered in San Mateo, CA, Coupa’s cloud-based suite of financial applications helps to achieve greater visibility and control over the spend-management in an enterprise. From healthcare, retail, financial services, and even to food and beverage, Coupa have leveraged its solution to different industries.
With the company’s solution, customers can exercise purchase requisition and order processes through a simplified platform. This can enable them track and manage the entire procurement processes.
Also, in-order to monitor real-time budget management, ‘budget meters’ accompanying the Coupa’s software helps customers keep a tab of expenditure. In addition, the solution helps generate electronic invoices that can be actuated to report on any obligations concerning the clients’ purchasing processes. All expense reports and transactions are automatically pre-populated to update on expense lines, and categorized through default programming. To manage and optimize the inventory levels, real-time tracking visibility is also incorporated in this solution. Critical alerts can also be set up to get automatic notifications for important contract management tasks. Additionally, expenses can be quickly created and approved through devices such as the camera, voice, and even emails. Through this software platform, the clients get to have a budget roll-up hierarchy, that allows full detail of every purchase credited to every budget in order to prove greater compliance. Thus, with the analytics provided, monthly, quarterly, and annual time series is merged to understand the trends and optimize accordingly.
Our highly usable software provides a simple-shopping cart experience by helping companies to optimize their spending through our success metrics
Each module of Coupa platform is connected to one another thereby making the user-interface uncomplicated. Furthermore, the company provides a set of applications that strategically extends the spend management functions needed to the customers’ ERP, bringing agility as well as enabling business stakeholder satisfaction.
The deployment period of the software does not exceed beyond a few months and owing to this feature, many of the firm’s customers have received intended ROI results in less than a year. For instance, a leading health insurance firm based in Long Beach, California, suffered difficulties in handling different types of vendor options which led to significant loss in their spend costs. As their business started growing, challenges started rising with the manual process in the purchasing department. After installing Coupa Software, the customers’ operational efficiency improved with a cut-back on maverick spending. Earlier, their requisition demands took more than a week to get approved, but, with Coupa’s intervention the time period was reduced to less than a day. As a result, the client was able to effortlessly carryout their requisition approval through emails and mobile devices.
“Usability is the fundamental hypothesis behind Coupa. By creating a frictionless user interface that shifts procurement from push to pull, people naturally gravitate towards our system to find an easy way to do their jobs,” remarks Bernshteyn.
Targeting to expand their operations across Europe, Asia and Latin America, Coupa has already commenced hosting other applications like reverse auctioning, advanced spend analytics, along with strategies to improve supplier relationship management.