Designed for CFOs and finance and procurement leaders, this report delivers actionable insights from the Coupa community. Discover how to use Coupa’s AI-driven Source-to-Pay platform to maximize your margins.
Optimize spend, maximize margins
Effective spend management is crucial for maintaining profitability and driving growth.
Coupa’s 2024 Total Spend Management Benchmark Report offers finance and procurement leaders actionable insights based on Coupa’s community performance of over 3.500 companies, 6 trillion in cumulative transactional spend from a network of more than 10 million buyers and suppliers.
Utilizing advanced data analytics and AI, this report provides a comprehensive overview of best practices and key performance indicators (KPIs) that can help your organization achieve greater efficiency, compliance, and cost savings.
By benchmarking your performance against industry leaders, you can identify areas for improvement and implement strategies to enhance your spend management processes, ultimately maximizing your margins and driving sustainable growth.
Key benchmarks for finance
Overall savings
5.8%
Traditional spend management approaches typically yield 2% to 3% in savings relative to overall spend. Top performers this year saved far more by applying total spend management best practices.
Total spend management is emerging as a reliable, sustainable, and comprehensive approach to ensuring profitable growth. Sales forecasts may stay unpredictable, so CFOs and finance leaders are paying closer attention to what they can control – spending practices across their organizations.
An investment in a total spend management platform gives CFOs and finance leaders the visibility they need to understand how resources are being used across the company.
Increased visibility across all spend types, from cost of goods sold (COGS) to operating expenses, helps leaders fund their company’s growth through ongoing and disciplined spend control.
ESG Compliance Rate
85%
Leading companies ensure they meet environmental, social, and governance standards. High compliance minimizes risk and boosts corporate reputation, leading to long-term sustainability.
ESG compliance is critical in Europe, where regulations are stringent and the public demands ethical practices. Meeting these standards can prevent costly fines and enhance brand loyalty.
Pre-approved spend
96.1%
The total amount of invoiced spend linked with approved POs.
Finance teams can inspect each transaction before the spend is committed and control costs in real time to meet targets and increase working capital.
AP generates accurate accruals without follow-up when teams have greater and earlier visibility into spend that’s committed but not invoiced.
It helps lower operating expenses since it’s more likely to go onto negotiated contracts, resulting in lower prices and better terms.
Virtual cards help streamline pre-approved spend. Teams can increase liquidity by driving card rebates and optimizing the card’s payment cycle.
Fraud prevention is more robust when more invoices are matched against POs automatically.
