Coupa Software Releases 2014 Procurement Benchmark Report
Annual industry report from leader in cloud financial applications reveals key performance indicators for procurement and financial leaders
SAN MATEO, Calif. – June 3, 2014 – Coupa Software, the leading provider of cloud applications for finance, today made available its 2014 Coupa Benchmark Report, the industry’s leading annual benchmark of key performance indicators for procurement and financial leaders.
As companies seek to improve their performance in driving savings and increasing efficiencies, the Coupa Benchmark Report serves as a powerful tool for measuring a company’s spend optimization performance relative to that of the overall market. By comparing their efforts to other businesses, finance professionals can better understand the relative effectiveness of their efforts and find areas of opportunity for future growth.
The Coupa Benchmark Report was first published in 2013. This new release of the Coupa Benchmark Report provides updated performance metrics including requisition-to-order cycle time, number of approvers per requisition, invoice OK-to-Pay hours, and visible PO spend-on-contract percentage. New in this year’s report are four key metrics that indicate not only procurement performance but also the maturity of procurement processes. These new metrics are: catalog items, punchout sites, embedded buying policies, and web forms.
“We’re excited to release our annual Coupa Benchmark Report,” said Amit Duvedi, Vice President of Business Strategy at Coupa. “Because of Coupa’s true cloud platform we have the ability to mine our big data and share these key metrics for success based on actual transactions across thousands of users. We’re focused on our customers’ success and we’re delighted to share this anonymized data with them and other companies to help them evaluate how they compare with their peers, and then be able to make adjustments for continuous improvement.”
The data was extrapolated from customer usage metrics on the Coupa cloud platform. It includes data from hundreds of thousands of global users, over 1,000,000 suppliers, across millions of transactions, and billions of dollars of spending. The performance metrics are based on aggregate data - no individual companies are identified. Only customers with at least one year worth of spending data in the Coupa platform, and at least five million dollars in PO spending were included.
You can download a copy of the Coupa 2014 Benchmark Report here.
About Coupa Software
Founded in 2006, Coupa Software is the leading provider of cloud applications for finance. More than 400 customersheadquartered in over 40 countries use the Coupa suite of financial applications to support business agility and reduce costs. Only Coupa provides a suite of true cloud applications for finance, including sourcing, procurement, expense management and accounts payable that allows customers to realize a return on their investment within a few months and savings that continually impact the bottom line. Learn more at: coupa.com or call +1 (650) 931-3200. Read more at our company blog, Making Cents or follow @Coupa on Twitter.