Demand for Coupa's AI Total Spend Management Platform Soars

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Sep 10, 2024, 09:00 ET

Global businesses are bolstering efficiencies and driving billions in savings with Coupa's #1 AI total spend management platform

FOSTER CITY, Calif., Sept. 10, 2024 /PRNewswire/ -- Thousands of global brands are realizing the margin multiplier effect of Coupa and its community-generated AI. Today the company announced it welcomed 150+ new customers to the community over the past six months, with 600+ additional customer expansions. Customers have collectively garnered over $204 billion in savings to-date and $10 billion savings in the past quarter alone, which can be reinvested to drive growth and improve their bottom-lines.

"Amidst a macroeconomic environment that's putting massive pressures on business margins, leaders are trying to decipher between what's real AI, what's hype, and how AI gives them a competitive advantage. Coupa's AI is trained on an unmatched dataset of $6 trillion in economic spend. It provides actionable insights and personalized recommendations to our customers to get the most value out of their spend and improve efficiency. That's how we create a margin multiplier effect to help businesses achieve strategic goals," said Leagh Turner, Coupa CEO.

"In the past quarter, we've seen record demand for our latest AI innovations. We're converting pipeline at an incredible pace. We're growing new ACV by 26% year-over-year. And, we're continuing to be recognized by leading industry analyst firms for our platform's ability to strategically enhance financial agility and decision making, and accelerate financial close," continued Turner.

"At World Vision our aim is simplicity, agility and transparency. Coupa gives us all three," said Mike Grant, Head of Global Supply Chain at World Vision. "Transparency is incredibly important as we want to have full viability as to where spend is going to show our donors big and small. We work across 99 different countries with six languages and Coupa is the glue that holds all of our systems together. Coupa helps us bring our global teams together through its simplistic and easy to use user interface."

Coupa community highlights for the second fiscal quarter include:

440+ global businesses initiated or expanded their partnership with Coupa. New wins for the quarter include Genuine Parts, Guide Dogs For The Blind Association, Harte Hanks, Michelin North America, Sintec, 4AG Robotics, Idemitsu Kosan, Ista SE, Palo Alto University, Skillable, Terpel, Vincity Limited, and more.
Coupa unveiled more than a dozen new AI innovations in its forthcoming September release to give customers a disruptive advantage in optimizing people and profits. New capabilities optimize process efficiency, improve productivity, and make it easier for people to do their jobs, freeing them up to work on more strategic initiatives. Coupa AI delivers more than 3 billion insights and actions per year for customers.
Coupa published its 2024 ESG report, focusing on how the company's platform, principles, innovation, and people & community improve sustainability and create a better planet. Coupa is committed to mitigating climate impact and achieving net zero by 2040 (FY 2041), with targets approved by the Science Based Targets initiative (SBTi).
Coupa's leading AI total spend management platform continues to be recognized by analyst firms for its powerful capabilities that enhance financial visibility, streamline processes, and ensure compliance including:
- Ardent Partners named Coupa a Market Leader in its 2024 Strategic Sourcing Technology Advisor Report
- Forrester Research named Coupa a Leader in The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024
- IDC named Coupa a Leader in two MarketScapes: Worldwide Accounts Payable Automation Software 2024 Vendor Assessment for Midmarket and Large Enterprises
- Coupa received a Customer's Choice Distinction in the Gartner Voice of the Customer for Source-to-Pay, June 2024

About Coupa
Coupa makes margins multiply through its community-generated AI and industry leading total spend management platform for businesses large and small. Coupa AI is informed by trillions of dollars of direct and indirect spend data across a global network of 10M+ buyers and suppliers. We empower you with the ability to predict, prescribe, and automate smarter, more profitable business decisions to improve operating margins. Coupa is the margin multiplier company™. Learn more at coupa.com and follow us on LinkedIn and X (Twitter).

SOURCE Coupa Software