SAN MATEO, Calif.--(BUSINESS WIRE)--Coupa Software, a leader in cloud-based spend management solutions, today announced the general availability of its Contract Collaboration module, a new unified application within its spend management platform. The new module adds significant new functionality to Coupa’s existing contract management capabilities to help improve productivity, decrease risk and increase contract compliance. With this addition to the platform, Coupa will transform the antiquated contract processes to the digital world with a modern approach focused on collaboration technology for authoring and embedded e-signatures.
"Coupa has created new possibilities for collaboration, both internally with a company’s employees, and externally with its suppliers,” said Jimmy LeFever, research director at PayStream Advisors. “Giving suppliers the option to connect instantly to the Coupa network without registration helps to drive supplier adoption, which is typically one of the primary concerns organizations have when implementing new technology."
With this new module, Coupa takes the next step in transforming B2B commerce by further reducing the need for time-consuming contract authoring and signature processes. This module will help businesses streamline the way they manage contract lifecycles, which will reduce human error and increase efficiency.
Contracts are a foundation for doing business and often the first step in securing long-lasting relationships among suppliers, partners and customers. Yet, despite how critical contracts are for business continuity and the major technology shifts in how business today is conducted, outdated processes are still being used to manage an organization’s most important documents. For example, many contracts today are authored in one application, then emailed back and forth for review and editing, signed in yet another application, and returned via email for further human processing.
Contract Collaboration will help reduce businesses’ reliance on antiquated processes or inadequate technology tools to version control or redline contracts. Benefits also include reduction of human errors in contracts, reduction of contract risk and prevention of errors that may cause business issues. This is delivered in part through advanced alerts for managing contracts, including spend alerts from purchases and invoices and contract expiry and renewal alerts.
“Contract Collaboration adds a critical new set of capabilities to our contract lifecycle management capabilities,” said Martin Ertl, general manager, Coupa Contract Lifecycle Management. “This is just the beginning of transforming contracts by digitizing them within a unified spend process. We’re excited to work closely with our customers and their suppliers to rapidly incorporate their voices into our direction.”
Since 2012, Coupa has had contract repository and alerting functionality embedded in its Spend Management suite. Since that time, customers have successfully operationalized hundreds of thousands of signed contracts using Coupa. The Coupa contract repository utilizes contracts for purchasing processes and for tracking of spending. The addition of Contract Collaboration will take Coupa’s capabilities to the next level by making it possible for customers to author, collaborate, and manage their contracts in Coupa from the moment a contract is created.
About Coupa Software
Coupa Software, a leader in cloud-based spend management, enables businesses everywhere to recognize bottom-line financial success via Value-as-a-Service. Customers – small, medium and large - representing the Americas, EMEA, and APAC rely on Coupa to support business agility and reduce costs. Only Coupa provides an organic suite of true cloud spend management applications, including invoicing, procurement, expense management, sourcing and inventory, allowing customers to realize a return on investment that can start within a few months and grow continually. Learn more at www.coupa.com.