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In order to get the most out of the platform, it is best to know everything about it, and how it works. Some people have heard of the platform, and know that it has the capacity to save businesses a lot of money, but they don’t even know what it is used for. If you are considering investing in this epic software application, it is wise to have a good idea of what it is and how it can help your business.
One of the most important factors that help businesses stay on top of the competition is their source-to-pay process. A top key element of Coupa is that it has the ability to initiate the entire procurement process from the sourcing of the vendors through to the payment of the transactions.
The typical source-to-pay journey will be comprised of a series of steps that must be carried out in a manner that is most beneficial to the company. This is why the planning step of the phase is the most important of them all.
In a general process, the members of the procurement team will huddle together at the beginning of the cycle to have a bird’s eye look at the entire procurement operation. The planning step is where everybody gets a glimpse at each step and has a say in the way that the steps are carried out.
With Coupa, however, the planning phase is different. The platform will have access to a plethora of information for the team to ponder and choose from. Instead of a team of people trying to guess which techniques will work best, and the best direction to move forward with what vendor, all of the information needed to make critical decisions will be right in front of them in real-time.
Having pertinent information at the fingertips is a way to cut down the time of planning meetings and efficiently carry out the rest of the process.
In many cases, the sourcing step of the process can be the most tedious and strenuous phase of the entire operation. This is true especially when there is a new set of sources and options to choose from.
One of the capabilities that Coupa has is to revisit the existing sources and search for better ones that will be more beneficial for the company. For example, if a source that you currently use is selling a product that you buy for 10% more than another vendor that has an even better track record, wouldn’t it be wise to take a closer look at the less expensive option?
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