Driving operational efficiency and robust compliance for the office of the CFO with Coupa community-generated AI
FOSTER CITY, Calif., July 29, 2024 /PRNewswire/ — Coupa, the margin multiplier company, has been positioned in the Leaders category in both the Enterprise and Mid-Market IDC MarketScape for Worldwide SaaS and Cloud-Enabled Mid-Market Accounts Payable Management Software Market 2024 vendor assessment (Doc #US52378624e, July 2024).
The IDC MarketScape for Mid-Market Accounts Payable Management named Coupa as a Leader. This is the third time Coupa has been named a Leader.
“As higher costs and volatility impact the availability of operating capital to fuel business growth, fast-growing companies are turning to automation and AI to help them scale their processes and savings,” said Fang Chang, Chief Product Officer at Coupa. “With the Coupa platform, our customers are using community data to boost productivity and efficiency. Best-in-class customers have improved touchless invoicing, with 83% of invoices being processed digitally and a 97% first-time match rate. Our automated controls increase compliance and optimize payment timing, freeing up accounts payable (AP) teams for high-value work.”
The IDC MarketScape for Mid-Market Accounts Payable Management Software found Coupa’s AI-driven platform as a key strength. The report states, “AI is embedded across all aspects of the platform with support for fraud detection, working capital management, invoice cycle acceleration, and more. With data collected from over 10 million suppliers and over $6 trillion in transactions, Coupa AI offers enhanced insights, supplier performance ratings, easier supplier onboarding, enhanced benchmarking, and more.”
Thumbtack is a technology company helping millions of people confidently care for and improve their homes. Bringing the $600 billion home services industry online, Thumbtack provides homeowners with personalized guidance on what to do, when to do it, and who to hire. As a growth-stage tech startup, Thumbtack turned to Coupa for compliance and control while empowering its employees and suppliers.
“Coupa helped us transform accounts payable (AP) and build out our procurement function. It upleveled our AP and procurement processes, which in turn enabled the business to be more compliant and accountable while allowing us to move quickly and focus on hypergrowth,” said Coreen Riley, Assistant Controller at Thumbtack. “With the productivity and efficiency gains from seamless automation and touchless processing, we can do more with less, allowing our team to scale and save.”
Coupa’s AP automation solution suite includes invoicing, digital payments, fraud detection, expense management, and compliance, which helps finance teams by:
- Enabling productivity and efficiency: Touchless invoicing with 2-way and 3-way matching and built-in approval workflows saves time, allowing teams to optimize early pay discounts and strengthen supplier relationships.
- Delivering full visibility: Gain real-time visibility into how cash moves throughout your entire organization to streamline accruals, optimize cash flow, and take control of spending.
- Ensuring compliance: Enable an operating framework that meets regulatory and audit requirements for public and private companies with a modern approval, expense, payments, and compliance infrastructure.
“We believe this recognition from the IDC MarketScape is a testament to the value our total spend management platform brings to businesses looking to transform the office of the CFO and finance processes. Our solution helps break down silos across the business, connecting AP and finance teams to the procurement and supply chain functions, helping teams to run more efficiently and effectively,” added Chang.
For a complimentary excerpt copy of the report, click here.
Additional Information
About Coupa
Coupa makes margins multiply through its community-generated AI and industry leading total spend management platform for businesses large and small. Coupa AI is informed by trillions of dollars of direct and indirect spend data across a global network of 10M+ buyers and suppliers. We empower you with the ability to predict, prescribe, and automate smarter, more profitable business decisions to improve operating margins. Coupa is the margin multiplier company™. Learn more at coupa.com and follow us on LinkedIn and X (Twitter).
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
“IDC, MarketScape for Worldwide SaaS and Cloud-Enabled Mid-Market Accounts Payable Management Software Market 2024, Doc #US52378624e, July 2024“
SOURCE Coupa Software
