Coupa Sourcing Optimization
Request this brief on-demand demo video (14:47) to learn how Coupa immediately adds value to your strategic sourcing process.
Why watch this brief on-demand overview?
Learn how to:
- Easily manage multiple complex sourcing events
- Ensure compliance and minimize third-party risk
- Make better sourcing decisions with less effort
- Attain real-time visibility into sourcing events and results
- And much more.
Sourcing events are becoming increasingly complex, with multiple scenarios, different pricing mechanisms, and the requisite deep-dive analysis.
Without an easy-to-use sourcing optimization tool, you could be leaving many valuable opportunities on the table.
Request this on-demand demo to learn why companies such as Unilever, Danone, & Kimberly-Clark use Coupa to optimize their sourcing processes and make smarter sourcing decisions that optimally meet compliance and business requirements.
FAQ
How does new technology enable more powerful strategic sourcing?
In the last twenty years, strategic sourcing has progressed considerably, in large part due to new sourcing software platforms that facilitate improved processes. Starting with simple e-negotiation platforms, this technology has now evolved into comprehensive platforms that manage the entire strategic sourcing lifecycle through CLM (contract lifecycle management) and SRM (supplier relationship management).
With these new platforms, organizations' sourcing processes have become more consistent and efficient, allowing the organization to rapidly progress from the largely manual, time-consuming "three-bids-and-a-buy" sourcing process. The new sourcing processes generate much more value, as they can simultaneously evaluate the risks, benefits, and costs across all potential vendors and across the entire globe.
Strategic sourcing provides value through cost savings, value-add services, risk-minimization, improved resiliency, and better supplier relationships. Strategic sourcing is no longer static, but an evolving process, and it will mature and adapt as the needs of the organization change.
With these new platforms, organizations' sourcing processes have become more consistent and efficient, allowing the organization to rapidly progress from the largely manual, time-consuming "three-bids-and-a-buy" sourcing process. The new sourcing processes generate much more value, as they can simultaneously evaluate the risks, benefits, and costs across all potential vendors and across the entire globe.
Strategic sourcing provides value through cost savings, value-add services, risk-minimization, improved resiliency, and better supplier relationships. Strategic sourcing is no longer static, but an evolving process, and it will mature and adapt as the needs of the organization change.
How do sourcing platforms provide a better way to evaluate potential sourcing deals?
It is important to evaluate deals on multiple criteria beyond just the price, especially as your organization grows and sourcing becomes more sophisticated. Modern sourcing software makes this evaluation process rapid and efficient.
Sourcing software can enable your organization to evaluate both price and non-price characteristics to identify the best combination of suppliers and goods/services. It also enables you to perform a scenario analysis to explore all possibilities and ask unlimited "what if" questions. Moreover, a sourcing platform helps you to meet CSR mandates and attain ESG objectives.
Another benefit of a strategic sourcing tool is that sourcing analytics will enable you to evaluate more sourcing criteria more rapidly, find new suppliers to minimize monopolistic capture and to increase agility and resilience, and to capitalize on supplier-led innovation.
Strategic sourcing facilitates the ability to analyze large amounts of data quickly, which is essential to making your organization more agile and resilient, a distinct competitive advantage in the rapidly changing business environment.
Sourcing software can enable your organization to evaluate both price and non-price characteristics to identify the best combination of suppliers and goods/services. It also enables you to perform a scenario analysis to explore all possibilities and ask unlimited "what if" questions. Moreover, a sourcing platform helps you to meet CSR mandates and attain ESG objectives.
Another benefit of a strategic sourcing tool is that sourcing analytics will enable you to evaluate more sourcing criteria more rapidly, find new suppliers to minimize monopolistic capture and to increase agility and resilience, and to capitalize on supplier-led innovation.
Strategic sourcing facilitates the ability to analyze large amounts of data quickly, which is essential to making your organization more agile and resilient, a distinct competitive advantage in the rapidly changing business environment.
What are some benefits of using Coupa for strategic sourcing?
First, Coupa allows you to more rapidly identify sourcing opportunities, reducing the time you must spend on research. You can receive automatic alerts, such as when there are large in-flight requisitions and when contracts are approaching expiration. You can also browse Coupa for thousands of pre-rated, pre-enabled suppliers and even filter results to find diverse businesses, view ratings, narrow down by geography, and so on.
Another benefit of Coupa is the ability to attain a full view of all spend, whether it is through Coupa, your ERP, or other systems. This visibility enables you to find more sourcing opportunities and have more success in supplier negotiations.
A third benefit of using Coupa for strategic sourcing is that it enables you to easily run routine sourcing events. Because Coupa is so intuitive and user-friendly, employees are empowered to set up routine events using templates, to collect supplier bids, and to make quicker decisions by collaboration anywhere on any device.
In addition, Coupa uses advanced mathematical optimization techniques that help buyers easily run multiple scenarios in order to find the best solution, thus facilitating complex strategic awards and categories.
Using Coupa for strategic sourcing also helps to improve regulatory and policy compliance. You can easily vet bidders to ensure they comply with your third-party risk management policies, and Coupa makes it easy to reach diversity and corporate responsibility goals by filtering potential suppliers by those requirements.
Another benefit is that Coupa connects sourcing with contracting and purchasing to enable you to fully capture the pricing and terms of your awards. Users across your organization can then immediately start to ensure the pricing and terms of your awards are fully captured and that end users across the company can immediately start benefiting from your work. Systematically validate supplier invoices against contracted bid terms to increase value capture.
Another benefit of Coupa is the ability to attain a full view of all spend, whether it is through Coupa, your ERP, or other systems. This visibility enables you to find more sourcing opportunities and have more success in supplier negotiations.
A third benefit of using Coupa for strategic sourcing is that it enables you to easily run routine sourcing events. Because Coupa is so intuitive and user-friendly, employees are empowered to set up routine events using templates, to collect supplier bids, and to make quicker decisions by collaboration anywhere on any device.
In addition, Coupa uses advanced mathematical optimization techniques that help buyers easily run multiple scenarios in order to find the best solution, thus facilitating complex strategic awards and categories.
Using Coupa for strategic sourcing also helps to improve regulatory and policy compliance. You can easily vet bidders to ensure they comply with your third-party risk management policies, and Coupa makes it easy to reach diversity and corporate responsibility goals by filtering potential suppliers by those requirements.
Another benefit is that Coupa connects sourcing with contracting and purchasing to enable you to fully capture the pricing and terms of your awards. Users across your organization can then immediately start to ensure the pricing and terms of your awards are fully captured and that end users across the company can immediately start benefiting from your work. Systematically validate supplier invoices against contracted bid terms to increase value capture.
