AI-driven enhancements give customers a disruptive advantage in optimizing people and profits.
FOSTER CITY, Calif., Aug. 26, 2024 /PRNewswire/: Coupa, the margin multiplier company, unveiled over a dozen AI-driven innovations—amounting to more than 100 throughout the platform—to help companies optimize process efficiency, improve productivity, and make it easier for employees to do their jobs, freeing them up to work on higher-value initiatives.
“Our goal to be a margin multiplier for every business large and small worldwide requires a relentless focus on co-innovation with our customers. As market dynamics continue to shift and operating capital becomes more limited, companies are searching for more ways to drive profitable, sustainable growth. Coupa’s leading total spend management platform underpinned by our community-generated AI gives customers predictive insights, prescriptive decisions, and automated actions needed to drive smarter and more profitable decisions,” said Fang Chang, Chief Product Officer, Coupa. “By replacing archaic processes with Coupa’s AI-driven solutions, businesses will run more efficiently, grow more effectively, and operate more confidently.”
Increasing Efficiency and Productivity with AI While Reducing Risk
With increasing organizational demands on productivity and efficiency, Coupa continues to invest in embedding AI throughout its leading platform. New AI advancements include:
- Coupa Navi™, our GenAI-based personal agent, will be generally available in September. Navi supercharges productivity, up-leveling how customers interact with the Coupa platform by finding document status and approvals faster, accelerating requests, and serving as an always-available knowledge base for instant answers to questions.
- Contract Intelligence, powered by new AI enhancements, provides customers with risk-informed clause recommendations, helping reduce exposure to potential issues. New enhancements also provide GenAI-generated legal agreement summaries, giving users important context, whether from third-party contracts or negotiations.
Maximizing Savings with Unified Spending
Coupa’s complete, unified platform provides businesses with one view into all their spend—both direct and indirect. By unifying all spend categories in one place, organizations can maximize savings and efficiency gains. New enhancements helping to maximize category spend include:
- The Coupa Advantage Marketplace offers quick access to a wide range of goods from trusted suppliers—including Schäfer Shop, Staples, and Würth—with pre-negotiated rates and financial benefits. Helping finance and procurement leaders identify savings opportunities, improve spend visibility and efficiency, and eliminate maverick spend, especially for tail spend. From fresh flowers to latex gloves, the Advantage Marketplace provides access to millions of goods, helping customers maximize savings.
- Service Maestro enhancements allow customers to create, view, and manage contingent worker records and assignments, providing full visibility into service spend. This enables businesses to drive efficiencies, optimize costs, and comply with staffing regulations.
Air Methods, an air medical transport provider that operates more than 400 aircraft throughout the US, turned to Coupa to transform their back-office operations. Before Coupa, they experienced largely manual processes, lacked standardization, and had poor spend visibility. With one platform, Air Methods has digitized its processes and increased visibility and control while fostering greater accountability and opportunities for savings.
“Coupa’s Advantage program has been instrumental in helping Air Methods increase savings and operational efficiencies across our unique complex supply chain and procurement processes,” said Jake Shearer, Category Manager, Air Methods. “By partnering with Coupa Advantage suppliers, we’ve achieved more than $500K in annualized savings, 100% PO-based spend with Advantage suppliers, and a significant consolidation in tail spend all in the first year. We look forward to using the new Coupa Advantage Marketplace to further optimize our tail spend and increase savings.”
“Our September release and each of our product releases drives the Coupa platform forward so our customers can reach their ambitious goals. We continue to invest in new and powerful AI use cases, which gives our customers a disproportionate advantage to achieving top-line growth and bottom-line performance gains,” said Chang.
Learn how you can leverage Coupa’s leading AI-driven total spend management platform here.
Availability
Starting in September, the Coupa Navi™ AI agent will be available to Core Platform customers, the Coupa Advantage Marketplace will be available to all procurement customers, and advancements in contract intelligence will be available to all Contract Management Lifecycle customers.
Enhancements within Services Maestro are expected to be available to all users in September.
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