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How to Create Value by Benchmarking the Back Office

This sponsored Viewpoint article has been provided by Coupa
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We recently introduced you to this year’s Coupa Benchmark Report, “12 KPIs to Drive Profitability and Growth with Business Spend Management.” This unique report, based on nearly $1 trillion of actual operating data from businesses around the world, outlines 12 key performance indicators (KPIs) to help you measure and increase your organization’s business spend management (BSM) maturity.

Across the categories of source-to-contract, purchasing, invoicing, and expenses management, there are countless opportunities to assess and analyze your organization’s progress towards BSM maturity, but the 12 KPIs Coupa has identified are especially important.

Why? Because you can use these KPIs and benchmark data to help reduce silos in the back office, giving your business a competitive advantage through efficiency and productivity improvements. The tighter your procurement and finance organizations are aligned, the more agility your business has to adjust quickly to opportunities and challenges as they develop.

Imperial Supplies Improves Structured Spend to Increase Visibility 

Just ask Steve Schravesande, Vice President of Business Development at Imperial Supplies. He’s focusing on improving the KPI of Percentage of Structured Spend by enabling punchouts and catalogs for his organization, which have “really changed the way end users purchase products.” Before this digital innovation, employees would literally walk around the shop with a pencil and paper to record necessary items. Today, they simply scan a barcode into a single platform that unites procurement and finance for total spend visibility.

DBS Digitizes P2P Processes to Drive Compliance

On the other side of the world, Donna Trowbridge, Chief Procurement Officer of the Development Bank of Singapore, is relentlessly driving progress in digitization to ensure an enjoyable procurement experience. “When we looked for a digital procurement solution,” she says, “we realized usability was a key factor because it would help significantly increase our spend visibility and compliance.” She is promoting the KPI of electronic PO processing by

digitizing processes like purchase requisitions and orders with easy-to-use tools to ensure high percentages of compliance. Today, DBS employees spend 70% less time on procurement while automatically complying with rigorous internal controls to maintain DBS’ status as the Safest Bank in Asia for the tenth consecutive year.

Benchmarking Creates True Value Through Transparency

Organizations like Imperial Supplies, DBS, Salesforce, Airbus, Unilever, Sanofi, and many more around the world are benchmarking their progress with Coupa to increase their BSM process and digitization maturity. From sourcing to contracts, purchasing to invoicing to managing expenses, creating success metrics for what have traditionally been considered back-office helps align procurement and finance. Organizations that share and learn from industry best practices are better positioned to leverage their spend as a competitive advantage.

Connect with us on April 25th to learn more!

Want to learn more? Join us for a webinar featuring Levvel Research, Aon CPO Michael Benvenuto, and Coupa CFO Todd Ford on how to build a strategic procurement and finance alliance to enable growth. We’ll discuss the new data on the state of procurement and finance collaboration, benchmarks of high-performing organizations, and strategies to break down silos and create spend management visibility.

Reserve your spot today and we’ll see you in two weeks!

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