No matter what the industry is, a company that does a lot of business has to maintain control of the money that gets spent. Spending more money than the company has is not an ideal situation, to say the least. Implementing a world-class platform, and hiring a Coupa consultant to advise the company on how to move forward with spending practices that will ultimately raise the entire value of the business is a for sure way to get the most out of every dollar that comes out of the company.
The old adage that says “a penny saved is a penny earned” is not an inaccurate statement. The best way to save money is to not spend it. The less a business spends, the more money it keeps.
There is a right way to track and plan spending, and there are thousands of wrong ways. The right way is to strategize a spending plan that not only reduces the overall amount of money that goes out but ensures more money comes back through investment strategies.
The way that a business handles money is the key to success. One of the greatest gifts that technology has to offer businesses of the modern-day is the sophisticated elements of source-to-pay software platforms. Out of all of these platforms, Coupa is definitely a leader.
The Power of AI and Software
The Coupa platform uses powerful software coupled with advanced artificial intelligence to go beyond the normal scope of average software applications and combine the pre-formatted code with human connection so that searching for and finding solutions can be conducted in a quick, accurate function that works wonders.
Artificial intelligence is pre-determined data that has been programmed and formatted to work in ways that are hundreds of thousands of times faster than human thinking. However, as quick and accurate as AI is, there is no consciousness involved so the capability to learn is hindered. With the Coupa platform, artificial intelligence will provide connections throughout a network of human peers that can share information with each other across multiple platforms and use human intelligence along with artificial intelligence to generate solutions to complex problems.
What a Coupa Consultant Does
A qualified Coupa consultant will have expertise within the Coupa platform as well as the entire source-to-pay process. Your consultant should have extensive knowledge of the vital components of the source-to-pay strategy.
The understanding of how businesses work and the way that money flows from one end of the spectrum to the other is an integral part of how to best initiate crucial changes that will be most beneficial for the business.
Your consultant will help with:
- Software implementation
- Administration of software
- Creating parameters
- Creation of users
In addition to the initial software implementation, the platform will have to be custom formatted in order to match the needs of the specific business it will be working for. A consultant can help to take the needs of the business and build parameters that specifically address the specifications of the parameters.
An example of the parameters that can be set in the administrative section of the platform is the cost of a good or a service that may fluctuate in certain circumstances. Since the platform will use data that has been provided, dates, times, and situations can be added into the construction of the parameter in order to give a clear forecast of spending in a particular environment.
A consultant will be able to train a team on how to use parameters in a way that is most beneficial for the company.
In addition to setting up the application, a consultant can help to:
- Advise a team
- Point out favorable opportunities
- Fine-tune the application to fit the business
Since each business will have its own needs and alternating details, some consultants may offer more than others. In any event, a consultant will be able to guide the company through the implementation and continue to help monitor areas that may need improvement.
One of the most crucial steps in the procurement process is finding and obtaining the best sources for the necessary goods and services. Why spend hundreds of dollars extra every time the cycle happens for several different items or services that you do not need to be spending extra on?
For example, a source sells cans of coffee for a flat rate of $5 per can. Although this could be a fairly low price, another vendor could be selling the same cans of coffee for $1 apiece if you buy a certain amount of them.
Coffee is only one item, if you take all of the items that the company spends money on every month and strategically source them from places that cut the costs down by large percentages, the entire company benefits from the savings.
Coupa can help to find and compare sources depending on parameters such as:
- Cost of goods or services for bulk amounts
- Availability of goods and services
- Sustainability of source
- Reliability of source
The sourcing capabilities in the software allow AI to venture out into the vast world wide web and compare information stored in databases that list some of the top sources available against each other and provide sources that would be the most beneficial for the company. The recommendations that the software provides will be based on the specific needs stated within mapped-out parameters that create the search.
Implementation of Coupa Software
There is much more to Copupa than a regular software application that you would download into your laptop or phone. Due to the complexity of the application and the number of resources that are needed to run the app, there has to be adequate hardware and expertise to create a fully functional environment.
Most of the time when this type of software is put into place it is hosted on a strong server either directly in the same physical building as the company, or within a powerful cloud-hosted solution. Once the software is installed, an administrator will program the platform to work in the way that is necessary for the company.
Since the software will be new for most of the employees of the company they will need to be educated and trained on how to use the software correctly and efficiently. One of the greatest roles of a consultant will be to show the people of the company how to use the platform.
The consultant will teach the employees how to:
- Create user credentials and log into the system
- Navigate the application and use features
- Use work areas and transfer data
- Get the most out of the platform
Integration of Platforms
Coupa is a dynamic platform that was designed with integration in mind. There are already thousands of applications on the market that businesses use on a daily basis. Some of these platforms store pertinent information regarding the records and money of the business.
A consultant will be able to advise a company on the best way to merge existing data on a platform with the new platform without losing important information. There is no need to start all over again and re-establish data if you correctly integrate crucial platforms.
If there is money to be saved within a business, a Coupa consultant will be able to find it and point it out. The software application can only do so much without the help of an expert. Once the company has implemented the software and learned all that they can from the consultant, they will be experts themselves and the platform will continue to improve business spend and provide best practices.