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Analytics Agent
Learn how to find answers to your analytical questions with the Analytics Agent.
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Knowledge Agent
Learn how to find answers to your procurement-related questions with the Knowledge Agent.
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Supplier Assistance Agent
Coupa Navi™ CSP Supplier Assistance Agent assists suppliers with general questions about the Coupa Supplier Portal (CSP) based on the Compass documentation.
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$10 Trillion and Counting...
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AI
Drive smarter spend strategies with AI
The Total Spend Management Annual Benchmark Report
Drive smarter spend strategies with AI
See what exceptional performance looks like and learn how to close the gaps.
Get the Benchmark Report
$10 Trillion and Counting...
Our unique data takes our AI capabilities to the next level
Explore Coupa AI
FormLabs Perfects its Procurement Process with Coupa
FormLabs used a string of different solutions for procurement. But as the company grew from a start-up to a mature organization, it needed a single, adaptable solution that could grow with it.
Company Overview
Formlabs is on a mission to expand access to 3D printers and digital fabrication technology.
Headquarters
Somerville, MA
Employees
500 - 1,000
Value as a service
$2.9M
In Total Savings
13 Hour
Reduction in Invoice Approval Time
$55.7M
In Spend Tracked
Challenge
Employees didn’t know which system to use for certain requests since the company deployed various point solutions, each with its own set of procedures.
The company needed an adaptable solution that could solve immediate issues now with the ability to add capabilities as FormLabs scales without additional headcount.
Closing at the end of the month was manual and time-consuming, often taking days to hand-process journal entries.
Solution
Results
Standardizing processes for its global teams makes indirect procurement easier and more compliant, leading to $2.9 million in savings.
Managing a global deployment is now possible with a small team and will soon bring procure-to-pay to Hungary and Singapore. A company-wide virtual card rollout will follow to consolidate payments into one place.
Using automation to reconcile against the ledger and increasing e-invoicing by 27% streamlines the closing process for the finance team.
"It enables us to make purchasing decisions a lot faster because there is a framework. It’s very clear and easy to use."
-- Dan O’Shaughnessy, Chief Finance Officer
