Built-in supplier diversity and sustainability capabilities help enable organizations to achieve ESG goals
As global markets re-emerge from the pandemic, “building back better” remains a top business priority. Yet despite this priority, many organizations struggle to actually implement their Environmental, Social, and Governance (ESG) initiatives. Today, Coupa Software (NASDAQ: COUP), a leader in Business Spend Management, announced new product innovations designed to help organizations maximize business and ESG impact through their spend. With Sustainable Business Spend Management (BSM), leaders of supply chain, sourcing, procurement, and finance can collaborate to ensure every dollar spent benefits the business, as well as the community and the planet.
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“Companies have the power to drive sustainable impact with how they spend their money, such as choosing to buy from diverse suppliers or designing a transportation network that reduces carbon footprint,” said Donna Wilczek, senior vice president of Product Strategy & Innovation at Coupa. “Coupa’s BSM platform enables spend leaders to act in real time to achieve ESG and business impact, without sacrificing financial performance. We help turn good intentions into actions that have a measurable impact.”
Key benefits and new capabilities include:
- Spend with Diverse and Sustainable Suppliers:
- Diversity and Sustainable Identifiers in Search Results & Filtering: Organizations can use visual tags on supplier records and item cards to identify if the supplier or product is from a diverse or sustainable business. Customers can also filter search results to only show suppliers or items from diverse or sustainable businesses.
- Custom Alerts: Companies can set opportunity triggers to help identify diverse suppliers when creating new requisitions.
- Best-in-Class Supplier Diversity Data:
- Diversity Data Collection: Collect supplier diversity data and certifications directly in the Supplier Information Management (SIM) tool via a comprehensive, easy-to-use form.
- Supplier Onboarding: A clear and guided path for new suppliers to onboard onto Coupa’s BSM platform to get easily discovered, helping drive further lead generation for their businesses.
- Supplier Diversity In/Out API: New diversity status insights within supplier records make it easier to find a diverse supplier.
- Supplier Diversity and Enrichment Analytics: New Coupa Analytics capabilities help business leaders measure success directly against their goals.
- Visibility into ESG Impact and Benchmarking:
- Diversity Dashboard: This dashboard shows organizations the portion of their spend that comes from diverse-owned suppliers.
- Sustainability Insights: Coupa pre-calculates the environmental impact of e-invoicing and e-purchasing, including the amount of trees, water, oil, and carbon emissions saved.