Forrester Research has officially named Coupa, the margin multiplier company™, a Leader in its Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024 report. Markedly enough, the stated report evaluated solutions from seven software providers across 31 criteria, with Coupa receiving the highest scores possible across 20 different criteria, including in partner ecosystem, fraud and risk management, and cash forecasting. Talk about Coupa’s technology on a slightly deeper level, we begin from how its AI-driven AP automation solution comes decked up with an e-invoicing functionality, which basically makes it possible for you to replace paper invoices, go touchless, and capitalize on early payment discounts to maximize working capital and compliance. Next up, we must get into the promise of automated payments. Here, the core value proposition is rooted in the way you can manage all payments easily across all payment rails in one place, enabling automatic reconciliations and unlocking working capital. Then, there is a mechanism dedicated towards fraud detection, a mechanism which allows users to achieve enhanced control, while simultaneously reducing risk with AI-driven fraud detection. Such a feature, like you can guess, can go a long distance to empower you in the context of getting over your dependence on auditing services.
Rounding up the highlights for us would a prospect concerned with intelligible expense management. By intelligible, we refer to how one can seamlessly monitor and manage expenses through clear visibility and control of all organization expenses. Hence, users should be able to see where expenses actually occur, slash rogue employee spend, and build user-friendly processes.
“AP automation is a cornerstone for CFOs and finance teams to achieve operational excellence. One in three finance leaders are increasing investments in AP automation to become more efficient and increase team productivity,” said Fang Chang, Chief Product Officer at Coupa. “In a crowded AP technology market, Coupa’s solution stands out above the rest for our flexibility, scalability, and full payment lifecycle visibility, traceability, and process efficiency. Coupa’s AI-driven AP automation solution strategically enhances financial agility and decision-making. We accelerate financial close, eliminate manual tasks like paper and spreadsheets, detect and prevent fraud, ensure compliance, and streamline payments.”
Another detail which justifies Coupa’s selection as a leader in the Forrester Research report is the value it has delivered at the disposal of each and every client. For instance, before embracing Coupa, a company like GameStop would constantly have to put up with manual processes, something which kept it from reaching growth targets and implementing more strategic projects at scale. Fortunately, with Coupa’s help, GameStop was able to control a complex invoice ecosystem at a much faster clip, as well as leverage AI prescriptive recommendations to boost operational efficiency with one intuitive platform. Not just that, the integration even made a point to mandate far fewer resources than what is considered as a norm. All in all, Coupa assisted GameStop in streamlining routine tasks and cutback on its headcount in AP by almost 20%.
“I now have a seat at the table with our treasurer and CFO on how we manage cash because now I have the visibility to see potential spend over the next three to six months,” said Nathanael Pearson, VP, Global Accounting Shared Services & Global Process Owner Source to Pay at GameStop.
