Tuesday 28th August, 2012
Determined to continue to build on their existing platform and offer an extension into several key areas of an organisation's business function, Coupa has announced the launch of Coupa Release 8. This includes major enhancements to the Coupa platform, mobility enhancements and two new core capabilities: Coupa Smarter Contracts and Coupa Invoicing. These updates give customers further insight into their overall spend, so they can reduce costs and directly impact the bottom line.
“Our relentless customer focus means that we’re continually innovating and enhancing our platform to bring efficiency and savings to organizations and their finance departments,” said Rob Bernshteyn, CEO of Coupa. “Since the majority of our customers are those at the front lines – managing accounts payable, responsible for procurement and working with procurement-related contracts – we took their feedback earnestly and developed Coupa Release 8 to deliver on their needs.”
“The market adoption of Coupa’s e-procurement and expenses solution has been impressive,” according to Constantine Limberakis, Senior Research Analyst, Aberdeen Group. “By extending into accounts payable and contract management, Coupa Release 8 demonstrates a validation of their commitment to spend optimization. This should be considered a big win for Coupa customers looking to address ongoing pain points in these areas.”
The first new capability, Coupa Smarter Contracts, helps customers realize savings from negotiated volume, find out how much they’re spending against a contract and ensure their spend is within their budget. It enforces negotiated prices at the time of requisition, automatically tracks spend and savings, and alerts customers to critical commitment timelines. It was organically developed on the Coupa platform and is thus fully pre-integrated with the rest of the Coupa suite.
The second capability, Coupa Invoicing, supports customers who want to eliminate paper invoices completely, avoid late payments due to errors or loss of service and improve operational efficiency. It effectively manages invoicing through supplier self-service and smart approval workflows. It too was organically developed on the Coupa platform and is thus fully pre-integrated with the rest of the Coupa suite.
Additionally, Coupa Release 8 comprises significant enhancements to mobility and expense management features, including the ability to create expenses on the road and import itineraries from the well-known, mobile travel organizer, TripIt®, directly into Coupa, which significantly decreases the amount of time spent on expensing and approving travel.
“Coupa has helped us streamline our processes and reduce our spend,” said Kristen Lampert, Corporate Services Manager of Ziegler. “Being an investment bank means we watch our own finances very closely. In addition to the new capabilities, Coupa Release 8 allows us to use the same renowned Coupa usability to improve efficiencies across finance including e-procurement, invoicing and contracts.”
“As a global leader in the sporting goods industry with over 170 different subsidiaries, reducing our spend is always top of mind,” said Christian Bader, Head of IT Latin America, Adidas Group. “Coupa has already done a tremendous job of helping us drive costs down and efficiencies across the board including procurement and accounts payable. The new Coupa Release 8 lets us take that even further with it’s host of advanced features for invoicing, contracts and the new mobility features.”
Coupa customers requiring additional value-add services will continue to benefit from Coupa’s strong partnership with its strategic partners including IBM/Emptoris, Bravo Solution, and Scan One among others.