Coupa Software, Inc. [NASDAQ: COUP]
COUP]

After numerous chaos and damage of businesses through bad business practices involving contracts, the majority of the organisations now count on contract management software. The latter is an application that supports a company through the multiple stages of binding contracts and ascertains that the contract is sound and will work for a business and its suppliers, customers or employees. As the businesses landscape is forever changing, this also means that organisations should try and keep up with the evolving landscape, which implies they may have to embrace new technology in the process of selling their products or services. While the prominence of contract management software is not lost on most companies, they primarily get distressed at the implementation stage. A reason for this could be using subpar software that will end up becoming more of a liability than an asset. In order to acquire superior contract management implementation possible, it is imperative to be informed of the most common barriers to a successful system roll-out, as well as how best to avoid them. One such company that brings its niche in this domain as an expert in enterprise contract management is Coupa Software [NASDAQ: COUP].

Established in 2006, Coupa empowers companies around the world by dint of complete contract automation, which in turn improves productivity and reduces the risk of an organisation.

The company also truly believes in delivering business value starting from its operations to whatever they offer to the clients. As value is quantifiable and a measurable improvement delivered by a solution or process, it is more than how much one paid for a solution or what a new solution saved. Alongside, Coupa contract management also enhances sell-side contracts to minimise sales cycles and boost revenue while connecting buy-side contracts to organisations spend process to recognise negotiated discounts. “Today, billions of dollars of buy-side transactional spend are processed against contracts stored in Coupa,” states Rob Bernshteyn, chairman and CEO of Coupa. Even though contracts underpin revenue and define the rights as well as the obligation of an organisation, contracting processes are often incompetent and departmentally siloed. Against this background, Coupa contract management provides control and efficiency across the entire contract lifecycle, enabling contracts to be operationalised for maximum value.
Further, the Coupa contract management software renders a bouquet of features that helps to intelligently draft every contract through customisable smart templates and clause libraries. In tandem, the software also favours contract update at scale as it utilises structured data to amend, repaper, or eliminate numerous contracts at once with bare minimum time and resources. Apart from this, the powerful workflows capacitate efficient collaboration for internal contract approvals and negotiations of an organisation, ensuring strict controls and audit trails. Subsequently, the Coupa contract management software expedites post-award contracting by automatically pushing data from sourcing to contracts.

Additionally, this software even enables organisations to gain immediate insight into every contract, as Coupa acts as a global repository for secure portfolio storage and management with reporting for company-wide visibility. With this software in place, it is easy to maintain close control of contractual risk with builtin risk scoring, customisable reports, and data normalisation via the industry’s only universal contract model. As a matter of fact, the automated contract milestone alerts and customisable dashboards allow close tracking of important dates to minimise service disruptions, while KPI reports identify inefficiencies in the contracting process.

With innovation at its core, Coupa aims to progress further in future. By delivering top-notch products over the years, it will be interesting to witness how Coupa improve its deliverable and continues to remain the customers’ favourite pick in the years to come.