If you are one of the millions of companies that are considering a Coupa implementation to help with spend management it might be a good idea for you to read this article. The entire planet is ramping up for a huge change in the way that businesses do things, the more you know how to roll with the changes, the better off you will be. What can Coupa do for your business? Probably a lot more than you realize.
What is Coupa?
Coupa is a powerful software application that was developed so that companies all over the world could get premier assistance when it comes to the way that they spend accumulate money. Beyond the typical software application that allows for input output of numbers other equations, this software can be set up to automate the entire procurement process provide detailed reports on all of the money that comes into goes out of the company.
Some of the features that Coupa has to offer are:
- Spend management
- Source-to-pay management
- Compliance management
- Cost control
- Vendor management
- Supply chain management
This robust, cloud-based platform is powerful enough to help some of the biggest companies in the world with their complex overwhelming procurement needs while helping them to get the most out of every penny that they spend.
Key Benefits of Coupa Implementation
One of the greatest benefits that Coupa has to offer the modern-day business is that it makes transforming from the analog world to the digital world simple. There is no way around the digital age of technology coming into the picture for all businesses sooner or later. The best way to stay on top of the change is to do it the right way.
On top of the ease of digital transformation Coupa has some sensational benefits to offer:
- Efficient spending
- Seamless integrations
- User management
- Smart sourcing
It is no secret that if a business spends more money than it brings in that it will not be able to survive. In addition to implementing the software in order to maintain a digital presence in the corporate world, the fact that Coupa can help to save businesses a lot of money makes it a very popular entity.
For example, the platform is equipped with the kind of smart technology that can search participating databases for the best sources that are available for the needs of the business, as well as compare prices quality of goods services side by side.
In addition to the discovery of otherwise unknown sources, the software can either send reports with recommendations of what sources would be best to contract with it can also help the company move forward with the communication process.
Smart Sourcing vs. Guess Sourcing
In any situation, it is safe to assume that the best way to get the most out of every endeavor is to know all of the facts so that you can lay them side by side compare what choice would be better than the next.
The difference between finding a source with a proven track record finding a source that does not have any recorded history is that the one without history could be a big risk that you would rather not take.
Powerful software that has the capacity to use information that it finds compare it with other information in order to provide a detailed recommendation of the best vendor or other professional to work with as opposed to information that is not present or invalid is pretty useful.
If you were able to see into the future of all of your life’s choices before you made them, wouldn’t it be easier less risky?
When you have access to the best choices of companies to use based on the way that they have conducted themselves in the past over a span of several years it gives you a pretty good idea of what ones might be a bit more reliable than others.
Optimal Spend Forecasting
The best way to spend money is when it is guaranteed to come back to you in a higher amount than you spent. Think about it. If you were guaranteed that every dollar you spent would bring you back a 5% return, no matter what…wouldn’t you continue to spend your money on that particular thing? That’s a no-brainer.
Although in the spend forecasting world there are no guarantees, there are some pretty risk-free opportunities to spend money that will most likely come back to you more than you spent.
Artificial intelligence can see trends in the market unfold before they become apparent to the rest of the world. This type of understanding can help the software forecast the best places to spend money based on what else is going on in the world.
Not only can the technology assist with the best ways to spend money, but it can also direct guide the company where to not spend money at a certain time or place.
Saving Money
Most businesses would rather save money than spend it. The old adage “a penny saved is a penny earned” is very true.
Not that every business owner in the world is doing it wrong, but that every business in the world might be overlooking a few things that they aren’t aware of.
Putting the Coupa platform to work in a business gives an entirely new edge to the way all of the spendings is going on in the company. Every cent that goes out is looked into scrutinized whether or not it is an affordable spend, or if it is a waste of money. Many times a company will get a complete overhaul of the way that they have been spending will uncover habits that have been either destructive or unnecessary.
More Control Over Business
Being able to have a bird’s eye glimpse over the entire company gives business owners a sobering view of all of the mechanisms within the business that keep it moving. When there is an application involved with the structure of the business there is a level of control over the rest of the business that supersedes any other way.
For example, where at one time there may have been an ample amount of guesswork that comprised the number of hours spent on a certain task, now, there will be a complete breakdown of every minute spent on a task, if the software is set up to record that kind of information.
The main thing is that the people that run the business are in control can build within the platform the kinds of reports record-keeping stats that they would like to see have access to.
Conclusion
There are a lot of great things that can come from a Coupa implementation, however, it is not recommended to go it alone without proper research. Take the time to see for yourself all of the amazing features that Coupa has to offer the way that it can help not only cut costs but put more money back into the business. This platform can revamp the entire structure of a company help it to be healthier, more effective, more successful than ever.