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
Through the Coupa cloud platform, we track hundreds ofmetrics to help us continually improve our platform and help our customers be successful.
The annual Coupa Benchmark is designed companies by sharing data on some of these key finance and procurement performance indicators. The Benchmark includes metrics about ten critical areas where we commonly find that companies do not know how good they can be. Over the coming weeks, we'll be sharing these with you in depth.
Today's featured benchmark is number of
Through the Coupa cloud platform, we track hundreds of Coupa Benchmark is designed to provide finance and procurement organizations with broad visibility and guidance by sharing data on some of these key performance indicators. It includes metrics about ten of the areas where we commonly find that companies do not know how good they can be. Over the coming weeks, we'll be sharing these with you in depth.metrics in order to help us continually improve our platform and help our customers be successful. The annual
This week's featured benchmark is Requsition-to-Order cycle time. This is
There are a lot of good reasons to move from paperinvoice processing to electronic invoicing, such as faster turnaround times, greater visibility, improved control, and a lot less paper to handle and store. Those translate into improved supplier relationships and significant cost savings for most companies.
Here’s another good reason: Because the government says so. According to a recent Economist article, governments in several Latin American countries are requiring all companies to issue invoices electronically. The move helps governments nip tax fraud in the bud and, ensures they collect all the tax revenue they are entitled to.
Whether mandated by the government or not, dealing with invoicing regulatory requirements
and compliance issues is an additional value driver for
Finance and procurement organizations need ways todetermine if their efforts to drive savings and increase efficiencies are successful. But, their visibility is usually limited to what’s happening in their own business.
It’s like working out. Let’s say you’ve started running, and you’re doing a 15-minute mile and you're proud of yourself. The fact that you're working out is great, but is a 15-minute mile good enough to get your heart pumping at the optimal rate, burn fat and keep your cholesterol under control? Not so much. You need a to know what average, better and best mile times are for a person of your gender and age, and measure yourself
Everyone, myself included, knows or has known someonestuck in a bad relationship. It was all roses for a while, but now things have gone beyond sour and the relationship is downright abusive. It makes you crazy because seems so obvious that the mistreated party should just walk away. So why don’t they?
Seeing these kinds of relationships in my personal life, it’s become glaringly evident to me over the past couple of years that they aren’t just person to person. They’re business to business too, and though the abuse is not physical or life-threatening, many of the underlying dynamics are the same. Customers behave badly toward vendors or vice versa, and this scenario seems