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Coupa Announces Product Innovations to Make Global Business Spend Simpler, Safer, and Smarter
Fraud prevention, artificial intelligence, and enhanced compliance among key advancements to empower businesses with visibility and control
SAN MATEO, Calif. – February 06, 2019 – Coupa Software (NASDAQ: COUP), a leader in business spend management, today announced its latest release of product innovations for the Coupa Business Spend Management (BSM) Platform. New industry-first capabilities unveiled as part of this release leverage community intelligence, powered by artificial intelligence (AI), and enhanced global compliance capabilities to empower businesses to manage their global business spend in a simpler, safer, and smarter way than ever before.
“Businesses are facing more complexity and uncertainty than ever, stemming from security and fraud risks, to evolving global compliance regulations, and more,” said Raja Hammoud, senior vice president of products at Coupa. “The capabilities that we released today were developed in response to conversations with customers who are navigating this landscape every day. These innovations deliver against our mission to continuously set the innovation agenda for our industry and make business spend management simpler, safer, and smarter for companies everywhere.”
AI-Powered Fraud Prevention
New capabilities in the Coupa BSM Platform enable finance teams to focus on preventing fraud – a growing concern of all businesses – before it happens.
- Coupa Spend Guard is now generally available. Spend Guard leverages AI and insights from the Coupa community to analyze employee behaviors across all spend applications and signal areas of risk, empowering businesses to prevent dollars lost to fraud. With Spend Guard, businesses can shift from after-the-fact fraud recovery efforts to real-time fraud prevention across spend transactions.
"Companies simply don't have the bandwidth to manually review every employee and supplier transaction for fraud. Beyond the sheer volume of transactions, it's very difficult to isolate intentional fraud from simple accidents,” said Jimmy LeFever, senior research director, Global Procurement and P2P Advisory at The Hackett Group. “Coupa’s use of AI to intelligently flag suspicious transactions within the spend cycle will allow businesses to focus audit efforts on stopping payments before they happen to better protect against financial losses."
Consumerized Business Spend Management Experiences
New procure-to-pay (P2P) and supplier management enhancements make the employee and supplier user experience simple and friendly while also driving engagement and increasing spend visibility and control.
- Invoice Payments, part of the payment solutions now available with Coupa Pay, enables businesses to manage their money smarter, all within Coupa. Invoice Payments reduces the administrative overhead typically involved in making payments as well as the risk of fraud and error. Customers can pay invoices using their business bank account with support for both domestic and cross-border payments. Invoice Payments is currently available in an early access program.
- Innovations within Coupa Open Buy bring an improved, Google-like search experience to cross-catalog search without the need for punch-outs, improving the user experience without adding administrative overhead. Searches within Coupa now generate real-time results from Amazon Business, Staples, Office Depot, Imperial Supplies, and ten other business-to-business suppliers.
- “Alexa, open Coupa.” An integration with Amazon Alexa lets businesses use the power of the human voice to manage key spend transactions such as inventory balances, inventory replenishment, or to find item locations.
Global Compliance Controls
New capabilities enable global businesses with even more control to manage new, complex, global, and market-specific compliance requirements.
- Support for Italy’s January 1, 2019 mandate on electronic invoicing (e-invoicing) for private businesses as laid out in the “Legge di Bilancio 20181.
- Payment receipt clearance for companies doing business in Mexico.
- Support for cash advances for employee travel in regions such as Latin America and Asia. Businesses can pre-approve travel budgets and easily reconcile with actual spending through post-travel expense reporting, supporting strategies to deploy global processes while leaving room for local business practices.
About Coupa Software
Coupa Software is the leading provider of BSM solutions. We offer a comprehensive, cloud-based BSM platform that has connected hundreds of organizations with more than four million suppliers globally. Our platform provides greater visibility into and control over how companies spend money. Using our platform, businesses are able to achieve real, measurable value and savings that drive their profitability. Learn more at www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.