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As an integral part of the procurement function in a business, strategic spending plays a central role in right-sizing the IT spend while ensuring business growth. With a plethora of options available in the market today, making the right choice can often be laborious for a company and its employees. Coupa is a solutions company that focuses on helping businesses gain value with their purpose-built products. The company believes that the key benefit of purchasing the right software is not how much the solution cost or the amount they saved, but the value that it brings to their business.
Based out of San Mateo, California, Coupa provides a procurement management system that is reshaping the procurement experience. Designed to resemble the simplicity of customer shopping, the solution, Coupa Procure, allows clients and their employees to procure all goods and services and manage the procurement spend. Company-Wide adoption of this solution allows users to gain full visibility into their spend behavior, while also lowering the time and cost expenditures of the company. Coupa Procure guides employees throughout the buying process, surfacing preferred products and services to alert employees on discounted pricing and other advantages. It streamlines various procurement management processes and guarantees a high-user adoption rate across the employees at various levels and suppliers. Companies can also manage their budgets and gain greater visibility through real-time dashboards that project budgetary impacts.
Coupa takes a comprehensive approach to spend management with a unified platform that allows users to view all their spend in one place
Coupa Procure provides a seamless shopping experience through a centralized area to compare all the suppliers’ items. It also allows users to increase savings and prevent rogue spending. Through flexible forms, companies can guide their employees to enter correct data for SOW-based services and enable spot buy capabilities when required. The system also allows suppliers to submit timesheets and work details for delivery tracking and service performance. Apart from providing real-time budget tracking dashboards that will enable users to know the availability of budget before committing spend, Coupa’s system also detects fraud with Spend Guard, a system that leverages artificial intelligence and machine learning techniques to identify errors and frauds. This enables greater risk management efficiency and overall protection from financial threats across the suppliers.
Coupa also makes its system available on mobile platforms, adding greater speed to approvals. Personnel involved in the approval chain can monitor the status of purchases and authorize or reject the purchases from anywhere in the world. Companies can manage inventories with constant monitoring and reduce excessive and redundant spend. It also provides a central repository to store contracts for future references. Through contract reinforcement, companies can also avail negotiated discounts and save on needless expenditure. This robust platform provided by Coupa ensures that clients are always ahead in digitalizing procurement and reap the benefits of time and cost savings.
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