Coupa Named a Leader in IDC MarketScape Worldwide SaaS and Cloud-Enabled Procurement Applications Vendor Assessment
Coupa has been positioned in the Leaders Category in the IDC MarketScape Worldwide SaaS and Cloud-Enabled Procurement Applications 2023 Vendor Assessment (doc #US48785722, March 2023). This is the third time Coupa has been named a Leader in this report. It’s an honor to be recognized by the IDC MarketScape for all the hard work we’ve invested in developing a platform that empowers our customers to make their spend more effective and sustainable. An excerpt of the report is available here.
Expanding the view of procurement to include source-to-pay (S2P)
It’s also gratifying to see S2P earn recognition as a vital part of modern procurement. The IDC MarketScape: Worldwide SaaS and Cloud-Enabled Procurement Applications 2023 Vendor Assessment covers all of S2P including procure-to-pay (P2P), sourcing, contract lifecycle management (CLM), supplier relationship management (SRM), and analytics.
These days, a company’s procurement teams can only manage and source each category effectively if they have complete visibility into all spend on a single platform. That’s just one piece of the puzzle. There should be an efficient process in place to integrate the sourced agreements into contracts and, after that, purchasing. Finally, invoicing and payments must be integrated to check pricing — without this type of end-to-end platform, it's very difficult and inefficient for AP to verify that the company is being charged the right price, especially with agreements such as volume-based or tiered pricing. Companies might buy off-contract, overpay, issue duplicate payments, or not take advantage of the payment terms negotiated in supplier agreements.
Driving smarter procurement with Business Spend Management (BSM)
As more companies shift from top-line growth to profitability, they’re learning that no single function alone, such as procurement or finance, can manage the company through ongoing uncertainty. The businesses surviving during disruption and pulling ahead once it's passed are those businesses which make real collaboration possible.
We believe the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Procurement Applications 2023 Vendor Assessment validates our mission to provide companies with a strategic BSM platform that breaks down data silos and helps functions work together to respond faster and better to changing conditions. Download the excerpt here.
BSM isn't just about how companies manage actual transactions or even just cost. It's about organizational strategy put into action. This means that BSM is about everything that comes before, during and after the direct action of spending money — from continuously redesigning supply chains to sourcing, onboarding new suppliers, and constantly managing third party risk all the way to payments and liquidity management.
We're incredibly proud that the IDC MarketScape recognized the following strengths for Coupa:
- A single, unified platform offering a consistent, intuitive user experience in a fully integrated platform that spans the full business spend management space.
- Client references universally cited an engaged and committed client success team that provides multiple channels for collaboration, updates, and visibility to product enhancements.
- The open publishing and availability of core procurement metrics/KPIs across the Coupa platform were lauded by users, providing them with a view to both average and best-in-class results that are valuable benchmarking tools.
“I appreciate Coupa providing insights that help us to improve on future processes. For example, standard KPIs about cycle times and how many trees we save because the solution is online.” — Elvin Wong, Director of Finance and Administration at the National Gallery Singapore
- A developed partner community and ecosystem that facilitate collaboration across the Coupa network, easing the supplier management process and leveraging insights for all buyers and sellers that utilize the network.
Procurement with a purpose
While greater profitability is important to all businesses, we believe every purchase has a bigger purpose. Doing well and doing good can, and should, go hand in hand. Procurement leaders are the heart of driving sustainability efforts, and with the Coupa BSM platform, they can make strategic decisions to reduce carbon emissions in their supply chain, comply with ethical standards of conduct, and so much more.
Procurement leaders can also compare their company’s performance to the global Coupa community when it comes to practicing supplier diversity. Part of Coupa’s annual benchmark report, our community-powered KPI called Spend With Diverse Suppliers measures how much of a company’s total spend goes to suppliers classified as diverse across a range of categories established by governments around the world.
A new era in procurement
Procurement will never be the same again. With companies facing double-digit inflation, labor shortages in certain industries, ripple effects of geopolitical tension, and supply chain upheaval, CPOs stand at a crossroads. They’re called upon to expand their leadership beyond managing day-to-day processes and consider how they can transform operations and mindsets across departments.
To our customers and the entire BSM community: Thank you for the hard work and commitment to our collective mission that helped us achieve this recognition as a Leader in IDC MarketScape: Worldwide SaaS and Cloud-Enabled Procurement Applications 2023 Vendor Assessment. Clearly, experts in our industry are seeing the value of a comprehensive BSM technology platform and strategy. Procurement for 2023 means S2P. It’s exciting to be on the cusp of such significant change as we evolve our past practices of silos into more collaborative ways of working and building resilience.
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