Coupa announces new capabilities for business resilience and agility at Inspire 2022 – the annual Business Spend Management community conference
Coupa Software, a leader in Business Spend Management (BSM), launched an array of new innovations to enable companies to respond to macroeconomic challenges more quickly and effectively.
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“Every CEO and CFO needs to become a chief transformation officer to navigate the disruptive and dynamic pressures we see every day. And they need to start with a unified, intelligent strategy around business spend,” said Rob Bernshteyn, chairman and CEO of Coupa, during the company’s annual customer and partner community event, Inspire.
“Many businesses have grown up and steeped themselves in legacy technology, process, and culture; but it’s a different world now. Winners are bringing the back office to the forefront of their digital transformation strategy. They’re using BSM to break old bonds and reach entirely new levels of success, becoming more profitable and purposeful through their business spend,” Bernshteyn added.
“Coupa’s commitment to innovation is evidenced in how we continue to execute on our strategy of capturing every dollar a business spends, optimizing it with suite synergies, and amplifying community value with our industry game-changer of Community.ai,” added Raja Hammoud, executive vice president of products at Coupa. “We’re excited to launch new BSM capabilities that help our global community balance profitability and sustainability.”
The Coupa BSM platform, recently topping $3.3 trillion in cumulative spend under management across more than eight million suppliers and 2,500 global customers, is launching new solutions to help them spend smarter. Highlights from its latest release enable key benefits, including:
Drive ESG Impact with Sustainable BSM
With increased investor and legislative pressures to make ESG impact, businesses face challenges to comply and progress quickly enough. New Sustainable BSM solutions help businesses make more impactful spend decisions.
- Scope Three Emissions Dashboards expand a business’ visibility into indirect emissions occurring in their value chain to help drive sustainability initiatives and reach net zero goals.
- Supplier Diversity Insights now extend to Tier 2 supplier diversity spend. Customers can now request and manage Tier 2 diversity information from their prime suppliers through customizable forms.
Reduce Supply Chain Risk and Disruption
With supply chain costs and risks rising and changing faster than ever, Coupa is launching new AI capabilities throughout the year that help businesses make smarter decisions to reorient supply chains.
- Supplier Risk in Supply Chain Modeling enables customers to incorporate key supplier health and risk information directly into supply chain digital twins to evaluate tradeoffs between costs and risk.
- Artificial Intelligence Algorithms can be applied to supply chain digital twins to recommend the best mode of transportation and route to market bespoke to a business’ needs.
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Maximize Capital Efficiency during Inflationary Times
In today’s high inflation environment, businesses are challenged by stretched budgets and looking for cost-cutting opportunities. New capabilities in Coupa help businesses negotiate better and improve working capital.
- Bid Price Insights enables customers to leverage Community.ai for more visibility into potential savings when bidding on goods and services, such as ocean freight.
- Supply Chain Financing improves working capital for buyers and cash flow for suppliers by allowing for more flexible payment terms.
ADM, a Fortune 100 global leader in sustainable human and animal nutrition, is one of the Coupa customers highlighted at Inspire for its BSM digital transformation. As the global procurement organization embarked on a transformation journey to unlock greater value for ADM and support company growth – they chose Coupa to support the transformation, part of ADM’s broader 1ADM transformation program. Prior to Coupa, ADM was shackled with siloed systems, paper-based processes, and fragmented legacy technologies.
“Coupa is a team of innovators who never settle for the status quo and have a relentless focus on delivering a best-in-class user experience and capability. Coupa unlocks greater value and drives greater efficiencies for organizations like ADM. As we continue to set the competitive standard as a world-class procurement function, Coupa is right there beside us, enabling our procurement professionals to do what they do best, while making it easy for our internal and external partners to buy, comply, and supply,” explained Joe Canaday, ADM vice president, global procurement center of excellence.