Coupa is a leading provider of Business Spend Management (“BSM”) solutions with more than 2,000 customers across 60 countries. Coupa’s platform provides greater visibility into and control over how companies spend money, optimize supply chains, and manage liquidity.
Coupa is a leading provider of Business Spend Management (“BSM”) solutions with more than 2,000 customers across 60 countries. Coupa’s platform provides greater visibility into and control over how companies spend money, optimize supply chains, and manage liquidity.
Coupa is a leading provider of Business Spend Management (“BSM”) solutions with more than 2,000 customers across 60 countries. Coupa’s platform provides greater visibility into and control over how companies spend money, optimize supply chains, and manage liquidity.
A rapidly-growing, $15B+ publicly traded company with $550m+ in annual revenue, Coupa’s ever-expanding database of customer contracts posed a spectrum of challenges, from operational efficiency to fiscal compliance. With Klarity, Coupa has reduced time spent over the painful, manual processes previously in place by 85 percent.
Simultaneously, Klarity has helped Coupa improve compliance, standardized its review and documentation processes, and bolstered detailed reporting and metrics critical to the business.
Klarity’s software automatically pulls sales contracts from Coupa’s contract management system in real time.
Our artificial intelligence engine automatically extracts all metadata and clauses from the contract, then uses this information to pre-populate Coupa’s non-standard terms checklist.
Purpose-built workflow management tools ensure completeness in the review process as it tracks and securely stores all documentation and comments that correspond to each item on the non-standard terms checklist for every contract.
For a rapidly-growing enterprise software company, the manual nature of customer contract review is burdensome and time consuming. This is particularly true at quarter end, when most software companies experience a heavy influx of contracts, and during audit periods.
Using Klarity’s powerful Natural Language Processing (NLP) RevRec (revenue recognition) product, Coupa assessed all legacy active customer contracts. The automatic review was based on Coupa’s revenue recognition checklist and revenue recognition policy. Now, Coupa’s revenue accounting team is able to report on all “in-flight” contracts, view specific contracts and deals with the click of a button, and easily report on trends over time to gain additional insights and contract details. Through integration with Salesforce, Klarity automatically identifies and performs a review of all newly signed customer contracts in real time, allowing the technical revenue accounting team to focus on the review of non-standard contracts and other strategic initiatives within the organization.
As a global, publicly traded company, Coupa has mature, well-established processes in place for customer contract review. Like most companies of their size, Coupa’s Sarbanes-Oxley (SOX) control environment requires review for all contracts over a certain threshold, and a sample selection below that threshold. The manual process formerly in place required:
This workflow process had significant shortcomings.
We challenge you to beat our AI with your documents, free of charge