In our last blog, we told you about our partnership with Coupa and the main benefits of their Source-to-Pay platform. We would like to highlight two things: The Business Spend Management (BSM) platform and the connection with Tungsten AP Essentials. That connection is vital because it shows how automation can benefit your entire financial department.
One of Coupa’s strengths 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 from over four million suppliers, including purchase data from thousands of organizations. So, how does it work? Well, Coupa, first and foremost, looks at your expenditures and allows you to compare your spending patterns with others on the platform – all anonymized, of 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. Coupa will show you multiple options, such as different vendors, to find the best deal, thanks to its extensive network. These results are based on your wishes and patterns of other organizations 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, shipping, and invoicing happen on this single platform. Usually, it would require a lot of manual labor, especially regarding invoicing. We are so stoked about Coupa because it can seamlessly connect with Tungsten AP Essentials .
With Tungsten AP Essentials, organizations can efficiently process suppliers’ invoice data into the Coupa Cloud platform. This is because of the OCR software (Optical Character Recognition) with self-learning capabilities that come with Tungsten AP Essentials. 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 already in Coupa. The matching happens almost fully automatic. Tungsten AP Essentials recognizes multiple languages, the most commonly used formats, and complies with local rules and regulations inside and outside the EU.
The connection between Coupa and Tungsten AP Essentials further automates your Purchase-to-Pay process. This gives you more time to examine Coupa’s insights about your expenditures in depth because that is where your company’s added value is.
