Coupa's new AI-powered features offer businesses a competitive advantage by streamlining processes and reducing costs.
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| Air Methods Achieves Savings with Coupa's Advantage Program. Image courtesy: Coupa |
San Mateo, California, USA – August 26, 2024:
Coupa Software, a pioneer in spend management solutions, has once again raised the bar with its latest AI-driven innovations. These cutting-edge features are designed to revolutionize how businesses operate, from procurement to finance and beyond.
At the heart of Coupa's AI-powered offerings is Coupa Navi, a GenAI-based personal agent that serves as a virtual assistant for users. Navi can quickly find document status and approvals, accelerate requests, and provide instant answers to questions, significantly boosting productivity and reducing time spent on administrative tasks.
For businesses seeking to mitigate risks and ensure compliance, Contract Intelligence is a valuable tool. Powered by advanced AI algorithms, Contract Intelligence offers risk-informed clause recommendations and generates comprehensive legal agreement summaries. This helps businesses identify potential issues early on and take proactive measures to protect themselves.
Coupa's commitment to providing a unified platform for all spend categories is evident in the Coupa Advantage Marketplace. This innovative marketplace offers a wide range of goods and services from trusted suppliers, with pre-negotiated rates and financial benefits. By consolidating spend in one place, businesses can maximize savings, improve visibility, and eliminate maverick spending.
For organizations with a significant contingent workforce, Service Maestro is a game-changer. This feature enables businesses to create, view, and manage contingent worker records and assignments, providing complete visibility into services spend. This helps drive efficiencies, optimize costs, and ensure compliance with staffing regulations.
One of the most notable examples of Coupa's AI-powered solutions in action is Air Methods, an air medical transport provider. By leveraging Coupa's Advantage program, Air Methods has achieved significant savings, increased operational efficiencies, and improved spend visibility.
Jake Shearer, Category Manager at Air Methods, commented, "Coupa's Advantage program has been instrumental in helping Air Methods increase savings and operational efficiencies across our unique complex supply chain and procurement processes. By partnering with Coupa Advantage suppliers, we've achieved more than $500K in annualized savings, 100% PO-based spend with Advantage suppliers, and a significant consolidation in tail spend all in the first year."
Coupa's focus on AI-driven innovation is not limited to these recent features. The company continues to invest in new and powerful AI use cases to help customers achieve top-line growth and bottom-line performance gains. By leveraging the power of AI, Coupa is empowering businesses to operate more efficiently, effectively, and profitably.