Rob Bernshteyn, CEORob Bernshteyn, the CEO of Coupa Software believes that managing contracts, keeping contract costs, and executing contracting contracts via mail have been some of the major challenges in every contract lifecycle. However, organizations are now realizing that real-time compliance and enforcement is critical for the reduction in contract cost and increase in efficiency. And this is where Coupa Software [NASDAQ: COUP] emerges into the picture with its contract management solution—Coupa Contracts that fully integrates the procure-to-pay (P2P) process, allowing organizations to realize pre-negotiated price and terms. The solution automatically tracks organizations spend and savings, and alerts organizations with the critical commitment timelines.
Coupa’s online contract management module provides complete contract automation from authoring, collaborating, and signing contract documents to operationalizing them with spend tracking and renewal alerts. With Coupa’s solutions, all of the enterprise paper contracts are digitized and enforced in real-time. To manage and optimize the inventory levels, real-time tracking and visibility is also incorporated into Coupa Contracts to understand spend against contracts and POs as well as total savings over the lifetime of a contract. From contract creation, to tracking and compliance, organizations can have an accurate, real-time picture of their contracting risks and opportunities.
Another interesting offering of the firm is the Contracts Repository platform that allows all purchasing contracts to be stored in a single repository for creating custom views to users, enabling users them to find out a specific contract for better decision making. Coupa acts as a Dropbox for all the contracts, through which users can securely access the information, what they are suppose to see. In addition, the firm also provides an organic suite of true cloud spend management applications, including invoicing, procurement, expense management, sourcing and inventory, allowing customers to realize a return on investment that can start within a few months and grow continually.
With Coupa, all company’s paper contracts are digitized and enforced in real-time
Like all modules in the Coupa platform, Coupa Smarter Contracts has been designed from the ground up with usability and the end user in mind. The firm’s Google like interface makes Coupa Smarter Contracts intuitive, familiar and easy to use. Contracts managers can easily set up tiered pricing as well as configure reports and notifications without IT intervention.
In addition, Coupa Software also delivers the best-in class procurement applications—offering an easy consumer like shopping experience. Coupa’s solutions can be deployed quickly and easily by organizations through which they can see ROI in a matter of weeks.
In one instance, The Box team selected Coupa’s industry-leading Spent Management solution as a strategic extension to their NetSuite ERP system and to stay consistent with their cloudfirst IT strategy. As the client’s operations grew, it became difficult to keep up with the pace of growth. Box’s Accounts Payable (AP) team found itself drowning in a sea of paper invoices and emails from suppliers. With Coupa, Box improved operational efficiency improved operational efficiency in spend-related process–from supplier onboarding to invoice payments. Reduced paper processing and fewer supplier escalations have reduced the workload of the Box AP team.
To attain more success stories, Coupa is committed to understand their customers’ goals and work towards accomplishing them effectively by consolidating and bringing in more innovations in to its product offerings. Forging ahead, the firm also plans to expand its geographical footprint in Europe, Asia, and Latin America and extend its services to improve relationship management.