Coupa Celebrates First Anniversary of Coupa Travel & Expense
Coupa is excited to celebrate the one year anniversary of its cutting-edge Travel & Expense (T&E) solution, and we’re proud of the success and savings that our customers have experienced using our travel and expense management platform in just the last 12 months.
While business travel is bouncing back, the previous year was also challenging with higher airfares and rising room rates, which are expected to continue this year. Despite these industry-wide challenges, Coupa remains committed to helping you navigate your company’s business travel journey and any unexpected detours or bumpy rides along the way.
Coupa T&E reaches new heights
Since the launch of Coupa T&E, the program’s already gained strong recognition in its first year. Coupa was positioned in the Leaders Category in the IDC Marketscape: Worldwide SaaS and Cloud-Enabled T&E Applications for Midmarket 2022–2023 Vendor Assessment. In addition, Coupa T&E experienced rapid adoption in its first year and quickly became one of the fastest growing new solutions in Coupa’s history, thanks to its user-centric experience and capabilities.
Empowering companies to do more with less
While travel is necessary and valuable to you and your business, driving T&E cost savings can be just as important. As opposed to legacy systems with siloed tools, Coupa’s T&E Management solution provides companies with end-to-end visibility and control of their spend. In addition, Coupa T&E allows you to do more with less by:
- Maximizing T&E value with a better user experience: With Coupa’s user-centric and easy-to-use design, employees are empowered to manage their travel and expenses with little effort. For example, submitting expenses is made simple with powerful automations like Coupa’s new integration with Uber for Business, which automatically creates expense lines with attached receipts for completed rides. Employees can also book trips in five minutes or less and save 1–3% on travel and hotel spend with Travel Saver, an automatic cost-savings feature that rebooks when prices drop. Plus, companies gain access to Coupa Advantage’s network of pre-negotiated travel rates.
- Optimizing every dollar by unifying T&E with BSM: Using Coupa’s Business Spend Management (BSM) platform, companies have full visibility and control over all spend, enabling leaders to make precise surgical cuts to their spend, not blunt ones. Coupa’s platform also creates additional savings opportunities through Procurable Insights, which identifies expenses that can be moved onto contracts.
- Implementing better decisions based on community data insights: Through Community.ai that taps into more than $4 trillion of anonymous spend data within Coupa’s BSM platform, customers are given data-driven recommendations so they can make the best decisions. Customers can also measure their performance against industry leaders with KPI benchmarks including expense approval cycle time, corporate card adoption rate, and platform adoption.
Navigating the road ahead
In order for your travel and expense policy to be effective, users need to want to use the platform. More users means a higher adoption rate which translates to better visibility and data around travel and expenses.
“We anticipate end-user adoption will continue to be a key focus for our customers because as more travel is booked in-channel, the company's visibility, control, and ability to further optimize that spend increases as well,” says Devon Tivona, Coupa’s VP of Product Management, Travel & Expense. "I'm proud to say our solution currently has an industry-leading in-channel adoption rate, which is why we remain committed to constantly delivering innovations for our customers."
At the same time, some questions are still up in the air with economic uncertainty, prompting more organizations to look for additional cost savings opportunities. This comes as companies face increasing pressure to move toward more sustainable travel and reduce their CO2 footprint, while also continuing to support an increase in travel volume.
“We’ve talked to many customers over the last year and we’ve consistently heard that driving company-wide sustainability goals and supporting more small-group travel will be top priorities,” says Tivona. “As we move into our second year in the market, I’m excited to share that we’ve been working on new capabilities in these areas that we think will change the way companies view T&E management.”
Coupa continues to pave the way for new travel and expense capabilities. Join us at Inspire 2023 to learn more about our big plans to move you forward this year.
