Oh, you’re doing that already? And you’re wasting time managing accounts payable every day, tracking down approvals for purchases you don’t understand? Here’s how small companies can tackle purchasing inefficiencies.
Mark Verbeck, like many CFOs, was starting to feel like the bad guy, the guy who always said no.
When he started working at Blade Network Technologies as CFO in 2008, the company, which makes networking software that lives inside blade servers, was a 50-person operation. Like many smaller businesses, it relied on tribal knowledge to manage its spending: everyone knew (or believed they knew) what everyone else was doing, and when anyone bought anything, everyone knew (or thought they knew) whether it made business sense.
Whether it’s encouraging extended leave, removing restrictions on how paid time off is used or implementing unlimited PTO programs, many companies are scuttling the old vacation-sick time models and giving employees more freedom over when, why and for how long they take time off.
“The traditional program of vacation and sick time destroys value in the relationship with employees and doesn’t reflect the reality of today’s work-life environment where 9-to-5 doesn’t exist anymore,” said Mark Verbeck, CFO of California-based software company Coupa.
Check out these companies that go above and beyond in their commitments to work-life balance:
“Employees are empowered to take time off as they see fit,” Verbeck said, “as long as they are doing their job and it doesn’t impact the business.”
While Coupa’s unlimited PTO program is relatively new, Verbeck said that it looks like employees are taking a little more time off than they did under a more traditional model.
“We trust our employees to be balanced,” he said.
Oompa Loompa Doom-pa-dee-do
We're still building great products for you!
Oompa Loompa Doom-pa-dah-dee
If you are wise you'll try it for free.
What do you get when you get lots of cash?
Filling coffers and enlarging the stash?
Teams of developers coding like mad!
Making the app work on your iPad.
You'll like the look of that!
It's been a long time since Davie ran the Coupa Factory, and while there may have been a number of notable changes in management, one thing hasn't changed at Coupa -- and that's the original product direction (and the heart of the development team*). Coupa's goal is still to make the best P2P platform out there that's so easy to use that even your grandmother and three-year old can use it and get all your spend under management (SUM).
Leading private equity and investment firm Blackstone has adopted Coupa Software across its portfolio of 70 companies, which between them generate $125bn in annual revenues.
Blackstone, which counts Jack Wolfskin, Hilton Worldwide and Freescale Semiconductor among its portfolio, has adopted Coupa Software while, at the same time, making a small investment in the organisation. The software is already used at some portfolio companies and will be rolled out across others in the coming months.
Around 200 Blackstone employees currently use the Coupa system, with the firm planning to roll it out to 1,600 staff in order to "drive collective spend intelligence across the organisation".
Coupa Software, the fastest growing provider of spend optimisation software, has announced that Blackstone, one of the world’s leading investment and advisory firms, has selected Coupa as its spend management solution and has made a limited investment in the company. Some of the Blackstone portfolio companies already use Coupa, and the Coupa-Blackstone relationship will now be rolled out across other portfolio companies in coming months.
Today, Coupa Software has announced that Blackstone, the investment and advisory firm, has selected Coupa as its spend management solution and has made a limited investment in the company. Some Blackstone portfolio companies already use Coupa, and the Coupa-Blackstone relationship will now be leveraged at other portfolio companies in coming months.
We’ve all heard of – and have probably partaken in products from – companies like McDonald’s, Subway and Coca-Cola. But to whom do these mega-corporations turn when they are looking for procurement solutions and expense management solutions? The one company that can meet the needs of these three giants and over 250 more is Coupa.
Coupa helps companies across many verticals, including food service, financial, retail and more. According to Ravi Thakur, vice president of customer success at Coupa, the company provides best-in-class, easiest-to-use services. When companies sign up for their services, they are able to optimize their spend through the cloud.
Sanket Naik took a six-week trip last year to Thailand and India to see his family, but he didn’t worry about using up all his alloted vacation time.
Naik, senior director of cloud operations at Coupa, a tech startup, doesn’t have to accrue days off, and he didn’t negotiate a plum deal with his employer. The company just gives him and its staff of 100 all the vacation days they want.
“There’s the flexibility to travel or fulfill personal commitments without violating HR policies. We don’t have to count anymore,” he said about Coupa’s vacation policy, which was implemented in January.
Check out our VP of Customer Success, Ravi Thakur, with Rich Tehrani of TMCnet. Watch the video here.
Coupa keeps growing.
Coupa`s Growth Velocity Continues in Q2 With 14th Sequential Quarter of Record Growth -- Coupa Software, the leader in cloud spend optimization software, today announced Q2 2012 results, highlighted by a 185 percent increase in the amount of spend through its platform, compared to Q2 2011. Further illustrating the momentum, Coupa posted its 14th sequential quarter of growth in new annual contract value. To fund growth, Coupa completed a $22 million Series E round of funding in May, led by new investor Crosslink Capital. Venture capital firms Battery Ventures, BlueRun Ventures, El Dorado Ventures and Mohr Davidow Ventures continued their commitment to Coupa by also participating in the round.