The evolution of procurement into a true strategic business enabler is fuelled by technological advances. The ability to dig deep into data with true visibility into an enterprise’s entire spend and supplier network has been provided through ever-evolving platforms, such as Coupa’s highly successful Business Spend Management (BSM) platform.
Procurement functions are no different from any other business unit with the need to be nimble, agile, and efficient, especially in the current unpredictable climate. The main strength of Coupa’s BSM platform is unifying business processes to create this nimbleness. Through the adoption of BSM, clients can control procurement, invoice, and expense management as well as the associated processes of contract lifecycle management, supplier information management, inventory management, advanced sourcing, budgeting, and analytics, all within the same platform. All of these functions are nourished and enriched by cross-company community intelligence. Coupa’s BSM platform also works together with ERP, CRM, and HCM to address the core operating processes of an enterprise collectively and exhaustively. In BSM, Coupa has created a digital ecosystem that brings suppliers, vendors, and partners together in the same room with a single ‘source of truth’.
A new dawn
The Coupa App Marketplace, launched last August, is in one regard a direct reaction to the change in the way businesses operated through COVID-19. Many business leaders have discussed how the ability to address changing business requirements is increasingly vital for enterprises succeeding in a post-COVID world facing:
Rising inflation and costs
Moves towards diversity and inclusivity
The circular economy
New complex and evolving legal and regulatory requirements
Global supply chains
Coupa announced the significant extension to its BSM ecosystem – the Coupa App Marketplace – to address these challenges head on.