- Coupa announced a handful of AI-powered product enhancements this week.
- The updates will help Coupa clients leverage their data to simplify workflows, save time, and improve collaboration.
- The updates will go live next month for select Coupa clients.
Spend management platform Coupa announced its new product enhancements this week. The California-based company recently unveiled more than a dozen innovations that it says will help companies create efficiencies, improve productivity, and free up their employees to work on more important tasks.
Coupa was founded in 2006 to offer businesses spend management solutions that help them view and control their indirect spending. Some of the company’s business spend management tools include e-invoicing, travel and expense management, spend analysis, treasury management, and more. Since launch, Coupa has created an AI-driven platform that helps businesses leverage their data by extracting insights, simplifying workflows, and improving collaboration without requiring new code or change management.
“Our goal to be a margin multiplier for every business large and small worldwide requires a relentless focus on co-innovation with our customers. As market dynamics continue to shift and operating capital becomes more limited, companies are searching for more ways to drive profitable, sustainable growth. Coupa’s leading total spend management platform underpinned by our community-generated AI gives customers predictive insights, prescriptive decisions, and automated actions needed to drive smarter and more profitable decisions,” said Fang Chang, Chief Product Officer, Coupa. “By replacing archaic processes with Coupa’s AI-driven solutions, businesses will run more efficiently, grow more effectively, and operate more confidently.”
The four major enhancements the company unveiled include:
- Coupa Navi, which aims to increase productivity by helping customers find document status and approvals faster, accelerate requests, and access Navi’s knowledge base for instant answers to questions.
- Contract Intelligence, which provides customers with risk-informed clause recommendations that can help reduce exposure to potential issues. The tool also offers generative AI-generated legal agreement summaries.
- The Coupa Advantage Marketplace, which offers businesses quick access to goods from a range of suppliers. Coupa’s marketplace offers pre-negotiated rates and financial benefits and helps teams identify savings opportunities and improve visibility into their spending.
- Service Maestro helps customers create, view, and manage contingent worker records and assignments.
The updates will be available to select customers starting in September.
“Our September release, and each of our product releases, drives the Coupa platform forward so our customers can reach their ambitious goals,” said Chang. “We continue to invest in new and powerful AI use cases, which gives our customers a disproportionate advantage to achieving top-line growth and bottom-line performance gains.”
Coupa went public in 2016 and was acquired by Thoma Bravo for $8 billion in 2022. Earlier this month, Coupa partnered with communications platform RingCentral, which deployed Coupa to improve its spend and business operations.