In our last blog, we told you about our partnership with Coupa and the main benefits of their Source-to-Pay platform. There are two things we would like to highlight: The Business Spend Management (BSM) platform and the connection with ReadSoft Online. Mainly that connection is important to us because this shows exactly how automation can benefit your entire financial department.
One of the strengths of Coupa is its ability to provide insights into expenditures and potential savings. This is possible due to its strong community on the BSM platform. On this platform, you will find data of over four million suppliers, including purchase data of thousands of organizations that are on the platform as well. So, how does it work? Well, Coupa, first and foremost, looks at your expenditures, and it also gives you the possibility to compare your spending patterns with others on the platform – all anonymized off course. Thanks to Artificial Intelligence (AI), Coupa can give insight into where you might save on costs.
Take, for instance, the purchase of new hardware, like laptops. Thanks to its extensive network, Coupa will show you multiple options to find the best deal, such as different vendors. These results are based on your wishes, as well as on patterns of other organisations on the platform looking for the same type of orders. This way you can make the best choice for your purchase order, which might even save you money.
Automatic invoice reading
We love efficiency, and automation is a significant contributor to that. Coupa is a solution that will help you make each step of the Purchase-to-pay process as efficient as possible. From the quota and order application to the actual order, the payments, the shipping, and the invoicing, it all happens on this single platform. Usually, it would require a lot of manual labor, especially where it comes to invoicing. That is why we are so stoked about Coupa, because it can seamlessly connect with Kofax ReadSoft Online.
With Kofax ReadSoft Online, organizations can efficiently process invoice data of suppliers into the Coupa Cloud platform. This is because of the OCR-software (Optical Character Recognition) with self-learning capabilities that come with ReadSoft Online. It makes it possible to read and process invoices, even if they have different formats like PDF and XML. The data is then matched and connected with the information that is already in Coupa. The matching happens almost fully automatic. ReadSoft recognizes multiple languages, the most commonly used formats, and is compliant with local rules and regulations, inside and outside the EU.
The connection between Coupa and ReadSoft Online further automates your Purchase-to-Pay process. This gives you more time to take a more-in-depth look at the insights that Coupa provides about your expenditures because there is where the added value for your company is.