There are a number of companies that have been able to gain huge benefits because of the choice that they made to initiate a Coupa implementationWhile there are many businesses that are still hobbling along and gettingwithout digital transformation, doing business without technology is getting more and more difficult as time goes by.
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What is Digital Transformation?
Technology is getting more and more advanced as each day goes byIt is not uncommon for a person to purchase the latest trendy electronic device only to discover that it is already old after only a couple of weeks.
As the evolution of technology continues to rage forward many of the more structured entities such as government agencies, banks, medical providers, and so on are transforming their old way of pen and paper to digital means such as spreadsheets, databases, and electronic documents.
Essentially, a digital transformation is when a business or individual transforms everything that they possibly can from physical means to digital onesA great example of the beginning stages of this transformation was back in the early days of the telegraphElectricity and technology were able to provide a messaging system that did not require messengers to ride for days on end on horses to get a message from one place to the next.
It could even be speculated that the earliest signs of digital transformation were when people would use smoke signals to communicate with each other at long distances…but that thought might be a little far-fetched.
The most common elements that become digital for businesses are:
- Messaging
- Bookkeeping
- Virtual office
- Time-tracking
- Data storage
- Documentation
- Networking
This list could go on and on, but anything that can be digitized in the business environment will, at some point, become an addition to the digital realm.
Why Companies are Going Digital
Even if companies do not want to use networks and computers to get the job done, it is getting to the point where it is much more difficult to remain in business without being connected to the internet.
For example, most of the major banks have converted their services to digital platformsIt can be much more difficult for businesses to manage their money through a bank unless they have some sort of digital platform to work with.
- Banks
- Schools
- Hospitals
- Insurance companies
- Government
Even the telephones that we used to use are obsoleteGone are the days of a secure landline phone system with a rotary dialer.
Most phone companies require you to have an internet connection in order to have home phone serviceThis goes the same for businessesIf you want to communicate with customers and employees over the phone, you have to have an internet connection.
Coupa Implementation
Although there are companies out there that would not have much use for a platform as powerful as Coupa, there are tons of businesses that have much to gain from investing in itOne of the most powerful functions that the application has to offer is that it has the ability to save a company a substantial amount of money per procurement cycle.
Some of the highly-coveted solutions Coupa has to offer are:
- Smart source-to-pay
- Vendor management
- Contract management
- AP automation
- Compliance and control
A fast-paced business with thousands of transactions per day has a great need for a solution that can centralize all of the aspects of the procurement process and allow certain users to manage and facilitate all of the functions from an easy-to-use platform.
Although implementing a huge platform that will most likely change the entire structure of the business seems like a huge risk and a lot of work, the end result is worth the time and energy that it takes to make the transformation.
When Implementation is Necessary
Coupa will certainly not be necessary for all businessesIn fact, there are probably other platforms available on the market for every type of business out thereHowever, for the companies that will benefit from a Coupa implementation, the sooner the better.
As we mentioned earlier, many of the pillars of the business world have already converted into some sort of digital platformThis means that it will be more and more difficult to work with these pillars as time moves forward.
Some of the functions that are most beneficial to companies that operate on a digital level are:
- Global connections
- Integrated platforms in one hub
- Access to a global network of choice sources
- Automated services
- Instant communication
When a company has to be connected to the world in order to do business it is pretty much necessary to implement the Coupa platformKeeping track of contracts, financial transactions, company data and any other aspects of the daily business grind can be achieved without having to spend a bunch of time and resources trying to keep up with all of it.
Sources are Gold
Just like everything else in the visible universe, businesses changeContacts, sources, vendors, locations, and so onSometimes a company will have a loyal, solid source for a specific good or service, and one day out of the blue that source closes down and vanishes.
One of the most fantastic functions of the Coupa platform is that it can help to find perfect sources for companiesNo more calling around or constantly Googling the web for whatever source you can muster up when you need it the most.
The platform can be programmed to search through a huge, global database that has profiles of millions of potential sourcesBeyond mere searching and finding the platform can also reach out to potential sources that match the search criteria.
Even if your company already has some great sources, the Coupa platform can help to find more sources that are willing to sell the same goods and services at better pricesThe possibilities are endless when it comes to how beneficial the implementation can be.
For example, say you have been buying a particular product from a source for several yearsThey sell it to you at a flat rate of $1 per itemWhat if you were to discover another source that could sell you the same item for half of that price if you bought it in bulk?
New sources can deliver better deals such as:
- Percentage discount if the order is paid for before the first week of the month
- Discounts for products bought in bulk
- Discounts for being a new customer
- Perks and benefits from new offers and deals
When it comes to saving the money that the company spends on monthly goods and services, it counts as an extra revenue to the whole value of the business.
Conclusion
The truth is that if you have not already made a digital transformation for your business, there is no better time than right nowAs the world continues to surge steadily and strongly towards making everything able to be connected to the internet, businesses are going to have to roll with the changes as they comeThere is no better platform to help with digital transformation than the Coupa platform because it is robust and covers an entire realm of business elements all within one centralized hub that connects the company with the entire worldWhen is it necissary? Right now.