New Unified Spend Management Application will Decrease Cost and Effort of Managing B2B Data
SAN MATEO, Calif.–(BUSINESS WIRE)–February 16, 2016–
Coupa Software, a leader in cloud-based spend management, today announced the general availability of its Supplier Information Management (SIM) module, which is a new unified application within its spend management platform. The new module will help manage supplier data that is critical to smooth business operations while reducing overall data management efforts and costs.
SIM is designed to use the power of the unified Coupa spend management platform to make information gathering simple and help ensure information remains current. The Coupa Open Business NetworkTM facilitates these business-to-business (B2B) transactions without requiring suppliers to pay fees to participate, without forcing them to create an account or remember a password, and making it a part of the natural supplier e-invoicing process. This removes unwanted friction in collecting information and incents suppliers for timely information submission, resulting in enhanced adoption, collaboration, and information sharing.
During Coupa customer advisory board meetings, customers described the challenges of managing supplier data through legacy applications. They shared stories of suppliers ignoring information requests and also of continually chasing suppliers for information, thus resulting in excessive efforts and cost. The advisory board, together with Coupa, brought ideas to the table and rethought the business process, which led to the birth of SIM.
“Being a part of the Coupa Supplier Information Management advisory board was a great experience,” said JR Miller, senior vice president of finance for the Leukemia & Lymphoma Society. “We’re looking forward to using our ideas in production and continually working with Coupa and other customers as we collaborate and build the next generation of supplier information management together. One that continues to solve our common data management challenges while being easy for suppliers to adopt, learn and use.”
Customers using SIM can configure many supplier data collection templates for specific supplier segments (e.g., by country, commodity, tier or strategic importance). Details such as supplier financial information, disclosures and diversity certifications, tax forms, and contact information can be reviewed seamlessly within the Coupa platform, and features like duplicate supplier checks and inactivity alerts help maintain data accuracy and integrity.
“We’re introducing an industry disruptive concept of right-time participation where supplier data requests are embedded into the natural buying and invoicing processes resulting in higher completion rates with less effort,” said Donna Wilczek, vice president of strategy and product marketing at Coupa. “Supplier Information Management is a natural extension of our unified cloud spend management platform.”
SIM leverages the Coupa spend management platform to provide out-of-the-box supplier dashboards with summarized views of sourcing events, contracts, purchase orders, and invoices. This allows category managers to view supplier information and transaction summaries together, so they can quickly understand the source-to-pay (S2P) picture for every supplier.
Key benefits of SIM include:
- Improved supplier relationships
- Making it easy for suppliers to do business with their customers
- No fees and no registration required for suppliers to participate
- Reduction of manual work
- Accounts Payables and Vendor Management teams freed up to focus on more high-value activities
- Employees no longer wasting time dealing with escalations from suppliers who do not get paid on time due to missing data
- Easier compliance
- Report on spending with each supplier using the applicable government tax forms (e.g., United States W-9) or other supplier taxpayer ID information (e.g., International VAT ID number in the European Union)
- Enforce collection of requirements for certificates of insurance (COI) to make sure spend goes to insured suppliers, green/diversity suppliers, and meeting corporate social responsibility (CSR) policies
Coupa works with ERP systems including SAP, Oracle, NetSuite, Workday and Great Plains to provide businesses with the measurable results long lacking in cloud spend management; every person that touches Coupa experiences a solution that increases B2B efficiency and drives profitability.
To learn more about Coupa Supplier Information Management, see http://www.coupa.com.
About Coupa Software
Coupa Software, a leader in cloud-based spend management, enables businesses everywhere to recognize bottom-line financial success via Savings-as-a-Service. Customers – small, medium and large – representing the Americas, EMEA, and APAC rely on Coupa to support business agility and reduce costs. Only Coupa provides an organic suite of true cloud spend management applications, including invoicing, procurement, expense management, sourcing and inventory, allowing customers to realize a return on investment that can start within a few months and grow continually. Learn more at www.coupa.com.
Orlando De Bruce, 650-485-8629 (O)
Global Public Relations