In fact, it could take up an entire career to keep up with multiple contracts that are always in need of upkeep. From generating the contracts, to establishing them, then managing them and enforcing them it can be a full-time job.
One of the functions that Coupa has to offer is contract management capabilities. The software keeps track of all of the contracts that are established in the system and maintains the agreements within the contracts.
- Enforcement of terms
- Contract lengths
- Contract renewal
- Contract terminations
One of the things that can happen after forming a contract with a vendor is the terms can be accidentally overlooked and a price that was agreed upon in the terms will not be held in the purchasing transaction.
The software will be able to find the discrepancy, then resolve it without a person having to become involved. This is one of the many perks of artificial intelligence.
In addition to understanding the terms of a contract and enforcing them, the software will be able to keep track of the times and dates of the contractual agreements. Whenever the terms of a contract are about to expire it can automatically help to renew the contract or allow it to expire and move on.
Where managing contracts was once a lengthy chore, Coupa makes it easy and simple to conduct while staying within the lines of all the agreements.
Procurement and Spend Management
Beyond the scope of the source-to-pay process of a business, the procurement department of a company has to be in line with every aspect of spending that happens in the company. Spend management is an integral part of the success of a business. If a company spends more money than it has, it will never be successful.
Procurement does not have to be an unpleasant or ugly task. With the help of a powerful platform that keeps all of the numbers and potential numbers right in front at all times, it is not difficult to stay within spending budgets and see forecasts of high-volume returns.
Instead of relying on one person with a written out list of events, the company can benefit from an entire network of information that is at the fingertips of everybody that needs it to customize spending needs based on where is the best places to spend, and when. In addition to finding the best spending opportunities, the software can also allow you to see where it is not beneficial to spend at all.
Imagine going to a grocery store to buy an item that you frequently use. The store that you visit on a regular basis sells the product for $10. If you could see across every store that offers the same product and discover that you can buy the exact same thing from somewhere else for $2 wouldn’t you shop there instead?
Although this is a crude comparison, the potential is real. Spending does not have to be a way for the company to lose money. Spending, as in many other companies, can be a way to achieve higher bottom-line results.
Paying the vendors for the sources can be just as confusing as finding the right sources for the company. If there are thousands of sources and vendors that all want their money at the same time, it is crucial to have a solution in place that delivers payment and keeps track of all of the transactions.
The payment phase of the operation can be conducted automatically by the Coupa platform if it is configured correctly. No more worrying about mistakes or mix-ups because the software is smart enough to catch mistakes before they happen, and make sure that each vendor is paid correctly on time, every time.