What Kind of Software is Coupa?

One of the most frequently asked questions in regards to Coupa implementation is the type of software that the platform actually is. Where some people totally understand the concept of how SaaS platforms work, others are close to clueless about what software as a service means. In any event, the Coupa platform was developed in a way that is beneficial for any business because it helps to maximize every cent that goes into and out of a company.tg

What is SaaS?

Software as a service, commonly called SaaS, is a type of software that works from a remote area as opposed to being implemented and installed on a local system. This type of software is not owned by the company but paid for as a service to be used by an organization.

Some of the different types of businesses that use software as a service are:

• Financial institutions
• Online eCommerce stores
• Huge retail organizations
• Drafting firms
• Engineering companies

One of the greatest things about a software platform like this is that it can be implemented and customized to fit virtually any business model, as long is they are digitally compatible.

Where local software applications are installed and put into use through a local computer, software that is used as a service is hosted, in most cases, in a cloud environment that shares parts of the software throughout several servers in a network that spans the entire planet.

When a platform that is hosted by cloud technology is put to work, it acts much faster than one that has only one source.

Administration and Implementation

When it comes to the Coupa platform there are a plethora of functions and capabilities available for the administrators that shape the core of the structure for the business. One of the things that makes Coupa so great is how versatile it is and how easily it can be to integrate other systems into it and build off of structures.

As with any other powerful platform, there will be users and administrators that use the application. The roles of groups, users, and administrators will vary depending on the implementation of the structure of the platform. Since each entity that uses the platform will have its own unique needs and characteristics there is no standard setup.

The setup for the administration of the platform for each business will require a method that works for the company in a way that is appropriate for functionality in the business structure.

For example, if a company is geared toward e-commerce solutions that sell a particular type of merchandise for users online, the application will have to be set up to account for each of the items that are sold on the site, along with the details and the pricing of each item.

In addition to the content on the website, the purchasing side of the platform will have to have any existing sources for the goods input into the structure, along with the prices of items from the vendor.

If the company is a service provider of any type the mechanics of the setup will be much different. The price of the services will have to be included in the structure of the platform as well as the costs of providing the service.

Say the company provides services based on:

• Hourly pricing
• Size pricing
• Packages

In order for the software to be fully capable of saving money and bringing the most out of the bottom line the cost of the services by whatever means they are being provided has to be added to the structure of the platform. In addition to the cost of the services to the customers that use them, the cost that the company must pay for the services has to be included in the formula.

If a company provides services that are provided by employees that are paid by the hour, the rate of service will be much different if they pay for third-party experts. What this means is that every penny that will be accounted for within the business through the Coupa platform will be considered for possible efficiency in later functions.

Source-to-Pay Capabilities

In addition to the accounting functions that the platform has to offer, the entire source-to-pay procedure for a business can be optimized and streamlined with the Coupa platform. Since the Coupa platform is endowed with powerful artificial intelligence, it has much more to offer than a typical platform.

From the sourcing of the goods and services, throughout the rest of the procurement steps, to the paying phase of the process, the Coupa platform can help to simplify and speed up the entire operation through strategic sourcing and smart vendor management.

• Sourcing strategies
• Vendor management
• Contract management
• Payment solutions

The backbone of every company is based on the way that they buy and spend. When a company minimizes the amount of money that flows outward and maximizes the amount of money that flows in they create the type of efficiency that is hard to beat.

Strategic sourcing is made possible with the platform because artificial intelligence has access to databases that hold information regarding the best possible vendors that match the needs of any company. For example, if a company has the need for fifty thousand straws that can only match a certain level of quality, the software can find who supplies that particular straw, and what the best prices are.

There may not be many choices on the table when it comes to high-quality straws that match a specific specification, but the ones that are out there will be found. Once the software locates the best vendors it can either alert a decision-maker or contact the vendor and initiate a contract on its own.

No more guessing or settling on inferior sources, with the help of the Coup a platform, each source will be more like an opportunity than an expense.

Managing the Vendors

Once the software has a complete list of trusted vendors it will be able to manage each one of them based on the needs of both the vendor and the company. In addition to keeping track of each vendor, the software will have the ability to track the efficiency of the vendors and show whether or not they are becoming a burden, or helping the company out.

Based on the performance of each vendor, and the amount of money that is spent along the way the software can inform administrators of revenue loss and other issues.

In addition to managing the vendors, the platform can continue to seek out and discover better sources with better prices and better opportunities. You don’t have to worry about any of your good vendors disappearing because the program will always keep good ones around and within reach.

Conclusion

Basically, the kind of software that Coupa is can be described as procurement management software. Between locating and keeping track of valuable sources to managing contracts and spend quality the platform has a lot to offer. It may seem like a complicated and cumbersome approach to facilitating spend management, but in reality, it makes everything run smoother and better than ever. With the proper installation and administration of the platform, it has the capacity to save a company millions every year.