Many establishments that invest in the Coupa platform turn to a Coupa consultant for help. In order to get the most out of the platform, it is best to know everything about it, and how it works. Some people have heard of the platform, and know that it has the capacity to save businesses a lot of money, but they don’t even know what it is used for. If you are considering investing in this epic software application, it is wise to have a good idea of what it is and how it can help your business.
From Source to Pay
One of the most important factors that help businesses stay on top of the competition is their source-to-pay process. A top key element of Coupa is that it has the ability to initiate the entire procurement process from the sourcing of the vendors through to the payment of the transactions.
- Planning
- Sourcing
- Buying
- Paying
The typical source-to-pay journey will be comprised of a series of steps that must be carried out in a manner that is most beneficial to the company. This is why the planning step of the phase is the most important of them all.
In a general process, the members of the procurement team will huddle together at the beginning of the cycle to have a bird’s eye look at the entire procurement operation. The planning step is where everybody gets a glimpse at each step and has a say in the way that the steps are carried out.
With Coupa, however, the planning phase is different. The platform will have access to a plethora of information for the team to ponder and choose from. Instead of a team of people trying to guess which techniques will work best, and the best direction to move forward with what vendor, all of the information needed to make critical decisions will be right in front of them in real-time.
Having pertinent information at the fingertips is a way to cut down the time of planning meetings and efficiently carry out the rest of the process.
Sourcing
In many cases, the sourcing step of the process can be the most tedious and strenuous phase of the entire operation. This is true especially when there is a new set of sources and options to choose from.
One of the capabilities that Coupa has is to revisit the existing sources and search for better ones that will be more beneficial for the company. For example, if a source that you currently use is selling a product that you buy for 10% more than another vendor that has an even better track record, wouldn’t it be wise to take a closer look at the less expensive option?
The Coupa platform can pull information from a seemingly endless amount of database information and compare it to other information that is relevant to the best interests of the business and bring all of that data front and center so that the team can choose which sources will work best for what areas of the establishment.
Saving money, time and resources is a big deal. Coupa is built to help businesses get the most out of every dime, and every minute every day.
Contract Management
Managing contracts can be a tedious task for anybody. In fact, it could take up an entire career to keep up with multiple contracts that are always in need of upkeep. From generating the contracts, to establishing them, then managing them and enforcing them it can be a full-time job.
One of the functions that Coupa has to offer is contract management capabilities. The software keeps track of all of the contracts that are established in the system and maintains the agreements within the contracts.
- Enforcement of terms
- Contract lengths
- Contract renewal
- Contract terminations
One of the things that can happen after forming a contract with a vendor is the terms can be accidentally overlooked and a price that was agreed upon in the terms will not be held in the purchasing transaction.
The software will be able to find the discrepancy, then resolve it without a person having to become involved. This is one of the many perks of artificial intelligence.
In addition to understanding the terms of a contract and enforcing them, the software will be able to keep track of the times and dates of the contractual agreements. Whenever the terms of a contract are about to expire it can automatically help to renew the contract or allow it to expire and move on.
Where managing contracts was once a lengthy chore, Coupa makes it easy and simple to conduct while staying within the lines of all the agreements.
Procurement and Spend Management
Beyond the scope of the source-to-pay process of a business, the procurement department of a company has to be in line with every aspect of spending that happens in the company. Spend management is an integral part of the success of a business. If a company spends more money than it has, it will never be successful.
Procurement does not have to be an unpleasant or ugly task. With the help of a powerful platform that keeps all of the numbers and potential numbers right in front at all times, it is not difficult to stay within spending budgets and see forecasts of high-volume returns.
Instead of relying on one person with a written out list of events, the company can benefit from an entire network of information that is at the fingertips of everybody that needs it to customize spending needs based on where is the best places to spend, and when. In addition to finding the best spending opportunities, the software can also allow you to see where it is not beneficial to spend at all.
Imagine going to a grocery store to buy an item that you frequently use. The store that you visit on a regular basis sells the product for $10. If you could see across every store that offers the same product and discover that you can buy the exact same thing from somewhere else for $2 wouldn’t you shop there instead?
Although this is a crude comparison, the potential is real. Spending does not have to be a way for the company to lose money. Spending, as in many other companies, can be a way to achieve higher bottom-line results.
Paying the Money
Paying the vendors for the sources can be just as confusing as finding the right sources for the company. If there are thousands of sources and vendors that all want their money at the same time, it is crucial to have a solution in place that delivers payment and keeps track of all of the transactions.
The payment phase of the operation can be conducted automatically by the Coupa platform if it is configured correctly. No more worrying about mistakes or mix-ups because the software is smart enough to catch mistakes before they happen, and make sure that each vendor is paid correctly on time, every time.
Conclusion
In a nutshell, the Coupa application is a robust solution to the numerous challenges that the procurement process can throw at a company. With a fully-trained team, and a solid platform to stand on any company can benefit from the functions that Coupa has to offer. The bottom line is that Coupa helps companies get the most out of all of their investments.