What is the second machine age and how canwe prepare for it? Should the worlds of AP and procurement collide? How can we continue to drive innovation?
Keep up with the changing finance and procurement landscape by reading the latest and greatest articles about the cloud, strategic procurement and finance and supplier innovation, all in one place.
According to a survey by financial services company UBS AG, over half of American and European CIOs plan to shift to cloud services. The speed of adoption depends their ability, willingness and commitment to the change management processes and education of their employees when rolling out new cloud applications.
The second machine age is coming! That was the keynote at a recent Procurement Leaders event in Frankfurt. What can procurement do to prepare? Data must become central to everything we do, and decisions taken by gut instinct must become a thing of the past, says David Rae.
How can business leaders best ensure that their companies generate new ideas and retain a competitive edge? Innovation from the supply base can come at a lower cost than from a formal R&D group when properly managed by procurement, yet this avenue is often undervalued and overlooked, says Paul Teague.
AP and procurement teams have historically operated independently, but as companies increasingly rely on the two to work together to increase savings, improve processes and compliance and drive innovation, they will succeed or fail together says CPO Rising’s Andrew Bartolini in a new report. PYMNTS.com recaps and comments.
Companies are looking to sourcing and procurement organizations to do a more than cut costs, although ironically it is their success in doing so that’s led to them gaining trusted advisor status. Here are five ways to live up to new, higher expectations and deliver value beyond cost cutting.
I’m thrilled to announce that Coupa has joined th(UCIT) movement. The name sums up the group’s charter; UCIT is aimed to guide IT in moving toward a framework that puts the needs of employees first, empowering them to be more productive, agile and effective. This aligns with Coupa's commitment to building software that works the way people do, and not the other way around, so when we heard about this initiative from Box, a Coupa customer and charter member of the group, we immediately raised our hand to join.e User-Centric IT
The initiative was launched recently as an outgrowth of a series of conversations between thought leader and author Geoffrey Moore and business leaders from Box, Marketo, GoodData, Jive, Zendesk and Okta, in which they defined these five guiding principles of user-centric IT:
1. User-Centric IT serves the business by empowering people
2. User-Centric IT adapts to the way people work, not the other way around
3. People, information and knowledge must connect in real time
4. Mobility is a work-style preference, not a device
5. Security should be inherent and transparent to the user experience
These principles are also represented as this cool graphic:
Essentially, what this movement is trying to convey is that user-centricity is multi-layered, and there are implications across various applications, which can have modules that are governed by IT policies, which are then delivered to devices and locations and so forth, and each of these can be impacted by a user-centric point of view.
What’s interesting to me about this movement is that I haven't seen a cross-industry initiative talk specifically about user-centricity, especially from an IT perspective. There have been a lot of discussions and movements around user experience and user interface, but those usually get boxed into a user sitting at a screen and doing something with it.
So far, no group I know of has galvanized around this broader, more holistic view of user-centricity and then also looked at it from an IT perspective.
The IT focus is important, because they're the change agents who are typically responsible for letting loose most of the technology within organizations. Even with today’s business-led enterprise technology deployments, IT still has a key role with enablement and support, so bringing them in on this user-centric view of the world is crucial. I think with this initiative we have a strategic opportunity to influence and champion a broader IT industry focus on putting the end user first.
We're happy to join with such big names in technology, because this is something Coupa has been championing all along in our corner of the world, financial applications. Historically, financial applications have been built to handle certain business processes, with end users as an afterthought. This is why the IT landscape for traditional financial applications is littered with projects that have failed due to low user adoption.
Most people don’t think financial applications and user-centricity can co-exist, even in the same sentence. They immediately think of ERP, and some of them visualize a set of blocks on the screen and their mind going numb.
Coupa was founded around the core principle of automating procurement and finance processes with one focus – the user. But, like our fellow members of this movement, we see the term “user” as multi-faceted. With Coupa, users can be employees who need to buy for business with consumer shopping ease. Users can be finance employees who want to be more efficient at getting their job done. They can be suppliers who, even though they are outside the Coupa customer’s organization, still interact with the system.
Because we take that broad view of the user, I felt like Coupa fit right in with this group, and I thought it would be great to join the initiative. We hope to learn how leading companies in industries that have been focused on user-centricity for a longer time are approaching it, and also show how financial applications can also be user-centric.
I think UCIT is going to be a great platform for an interchange of ideas across industries, and I’m looking forward to hanging out and sharing thoughts with like-minded IT and business people at future events.
If you’re already on this path or ready to embrace or just want to learn more go to UserCentricIT.com and take the test “How User-Centric Are You?”
Darayush Mistry is Vice President, Product Marketing, for Coupa.
Engaging, thought-provoking, delicious and dare we say, fun? Well, we had fun hosting fifty or so local Coupa customers and prospects at the Mandarin Oriental in San Francisco for a day of conversation, exploration and inspiration. Thanks to everyone who joined us. We loved having you!
Every year at this time, we hit the road to share a sneak peak at our product roadmap and provide a forum for Coupa customers to share their successes and best practices with each other and with companies evaluating our suite of solutions. Our San Francisco event kicks off a world tour that continues on to Chicago, New York, Toronto, and Zurich before wrapping up down under in Sydney in November.
At Tuesday's event, we had a Q&A from Mark Arrigotti, Head of Purchasing and Operations at Salesforce about his three-year journey with Coupa, which has included deploying the solution globally and rolling it out to an acquired company. Based on participant feedback from last year, we had roundtable discussions both before and after lunch for everyone to talk shop and share best practices.
We have equally great customer and speaker lineups for the rest of our tour. If you haven't signed up for a One Vision Roadshow yet, click here and register to join the fun.
New, larger screen size options for the iPhone 6 are a step forward for enterprise mobility, as Coupa CEO Rob Bernshteyn noted in his comments on Bloomberg News about Apple's announcement.
As a sales executive, I'm keenly interested in mobility. I sell a solution that's mobile, and I travel a lot for work.I work while I travel, so naturally, I’m a big user of apps. I love apps. I use the United app to check my flights, Uber to get around town and the USA Today app to keep up with the news while I’m on the road.
These apps work great for those specific tasks, but when it comes to getting work done, it takes more than just apps to have true mobility. To me, true mobility means being able to easily complete eighty to ninety percent of my regular work activities from a mobile device.
Larger mobile screens should help with that, but there's a bigger mobility issue
Did you know the idea of cloud computing originated in the 1960s? It wasn’t until the widespread availability of Internet connectivity that cloud applications became available to the masses. Salesforce.com made its debut in 1999, leading the charge to deliver enterprise applications on the web.
Since then, cloud computing has become big business, and woven inextricably into the fabric of the Internet. In 2008, the global cloud computing industry was estimated at $46 billion in annual revenues. By the end of this year, that will have more than tripled to $150 billion, with 86% of companies reporting using one or more types of cloud computing service.
With studies predicting that more than 50% of all information technology will be in the cloud in the next five to ten years, there’s more growth to come. Here’s a look at the growth trajectory so far and what is yet to come.
Infographic courtesy of VisualCapitalist.com
Emboldened by the success of our unconventional reverse auction-style approach to raising our third round of venture capital for Coupa Software, there was no question we would follow the same process for our next round, only faster, in four weeks instead of five.
As it turned out, we raised round four in about two and a half weeks. Along the way, we fielded a surprise proposal, resolved an ethical dilemma and ended with a frenzied, exhilarating 72-hour sprint to the finish line, landing $40 million in funding from Meritech Capital.
We began at the end of February of 2014. We had executed above plan on our previous funding round, we were beginning to scale globally, and all of our metrics were looking good. The funding climate was better than it had been in a long time and
Through Coupa's cloud platform, we track hundreds of metrics to both continually improve our platform and help our customers be successful.
The annual Coupa Benchmark is designed to help companies by publishing data on key finance and procurement performance indicators. The Benchmark includes metrics about ten critical areas we commonly find that companies can easily improve in once they gain insight into what is possible.
This week's featured benchmark is invoice OK-to-Pay hours. This metric (measured in total hours, not business hours) represents the length of time it takes
How do you get widespread adoption of your spend management initiative? It's critical to have an easy to use tool, but you also have to communicate. You have to let people know what you're doing and why you're doing it. It helps to take a page from marketing best practices, says Jim Heininger, a brand strategist whose firm Dixon-James has done award-winning work in procurement communications, such as the McDonald’s Corporation SpendSmart program.
Writing in SpendMatters recently, Jim shared five communications tips to build support for a new procurement initiative. His article caught our eye since we touched on this topic earlier this year, in a conversation with Andrew Bartolini who in this year's CPO Rising report suggested roadshows as a way to get the word out about your spend management initiative. Between Jim's and Andrews recommendations, we're starting to wonder if procurement shouldn't start thinking about having its own marketing department!
Here are Jim's tips:
1) Consider branding the initiative. Create an internal branded program to address the cultural and structural obstacles that need to be overcome for success. For example, if moving from a decentralized structure to a more centralized procurement approach, the branding needs to convey the value and simplicity of everyone working together under one common system. Make the name or brand of your initiative aspirational to get people excited. Keep it short and simple, and if possible, articulate the goal and aim of the project.
A couple of months ago, our CEO, Rob Bernshteyn wrote The One Question Not to Ask Your Startup SaaS Vendor. That question is, “how much individual attention will I get?”an article titled
Rob’s point was that while attention is important, the core value proposition from SaaS is the ability to leverage crowd-sourced best practices gleaned from data collected from all the users of the platform, versus the individual customizations that were prevalent in the on-premise software world.
The article resonated with me, (as well as some other SaaS folks) because as the leader of a SaaS customer success organization, I have to balance executing on the traditional customer service principle, “the customer is always right” with
In the 2014 CPO Rising Report from Ardent Partners, final segment of our interview series with Andrew Bartolini, lead analyst at Ardent, we asked him, why now?the analyst firm announces a bold, year-long initiative to work toward an industry-standard definition of “spend under management.” In the
Bartolini believes refining that definition is crucial to helping organizations more accurately benchmark their performance in order to perform as well as they can, and that we’ve gotten to the point where this can be done. We agree, and want to be part of that conversation.
Today, Amit Duvedi, Vice President Business Strategy at Coupa shares his proposal for a new
“How much spend do you have under management?”
My role at Coupa is to help companies establish a business case for technology to better
optimize spend. This is usually one of the first questions I ask, so naturally