Publicly-traded Coupa Software Inc. today introduced an update for its BSM Platform that adds automation and analytics features to help optimize enterprises’ bottom line. 

The BSM Platform is a so-called business spend management product that is used by organizations to manage supplier payments, employee expenses and other types of spending. Coupa’s product is one of the most used deployed in the category as well as among the fastest-growing. The company’s revenue surged 47%, to more than $119 million, last quarter in a jump that beat the consensus analyst estimate.

One of the main focus areas in today’s update is automation. Coupa’s platform has an AI-infused feature that highlights ways organizations can improve their spending, for example by pointing out if a certain expense is costing a company more than average. In the wake of the update, the platform now prioritizes these tips based on their estimated business impact so users have an easier time selecting which suggestions to implement.

Also new is a feature called Unified Spend Views. Financial professionals can now see expenses for both goods and services in the same dashboard, which Coupa says will help with making budget decisions. The company has also added in other new dashboards that display spending by specific expense category.

“Our vision has always been: we want to be, ultimately, the business screen for everything business spend management related for our customers,” Raja Hammoud, the executive vice president of products at Coupa, explained in her most recent interview on SiliconANGLE Media’s theCUBE studio. 

The company is also adding features to streamline relationships between enterprises and their suppliers. For enterprises, Coupa is introducing tools for monitoring supplier performance and the ability to automatically block purchases that exceed negotiated contract value. Suppliers, in turn, have access to integrations with over 15 delivery companies’ systems that Coupa said will allow them to provide customers with better shipment tracking data on their packages.

The new platform release comes on the heels of Coupa acquiring Bellin Treasury International GmbH. The German firm developed so-called treasury management software that helps companies manage their financial holdings. The deal was the second for Coupa since the start of 2020, following its purchase of Yapta Inc. in January. 

Photo: Coupa