FormLabs

Industry

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.

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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

Challenges

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

Coupa Pay

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.