More and more organizations are focused on advancing sustainable business practices. This positive development significantly impacts three essential criteria: Environmental, social, and governance (ESG). But, just as the management of business spend, organizations want to be in control, have data-driven insights, and make strategic decisions to reach business and ESG goals.
Sustainable business spend management
Through the business spend management platform of Coupa, users can have a sustainable impact on every event by using a prescriptive approach for ESG impact. The platform provides more than 80 capabilities to measure and drive impact towards ESG goals in spend management events like procurement, sourcing & supply chain.
Coupa uses community-driven data using artificial intelligence (AI) to extract insights from all spending activities performed within the platform. This anonymized data enables all users on the platform to make more sustainable decisions with increased efficiency and risk reduction while being more profitable. This approach allows users to make real-time changes to spend activities focusing on pre-defined capabilities, indicators, and community insights.
With community-driven insights, the platform offers the opportunity to create an exponential impact on ESG. This is genuinely sustainable business spend management.
Data-driven insights to measure impact on ESG criteria
When an organization has set ESG goals, they want to be able to track progress and measure the effect. Because organizations always want to be able to make strategic changes in spending activities to be more ESG-compliant or to optimize activities to make even more impact.
For example, using the business spend management platform, many processes are digitized, like contracts, invoices, payments, and more. Therefore, the Coupa software reduces environmental pressure by depreciating paper and manual record-keeping. With digitization, organizations can see their savings on spending, efficiency, and profitability but also what the environmental impact is by making use of the platform. Organizations gain insights into criteria like reducing emissions, saving trees, and avoiding water use and fuel consumption.
With these insights, organizations can optimize specific criteria like emission reduction. The sourcing tools enable users to factor emissions to other standards to find the best offers when sourcing goods, services, and logistics. With the Supply Chain module, this is even more advanced. Organizations can model the supply chain to optimize freight, logistics, and inventory to find the perfect situational balance between emissions-to-serve and cost-to-serve. Therefore, with Coupa, organizations can make an incredible difference and impact on ESG criteria, working on sustainability and making strategic data-driven decisions.