Coupa Unveils Navi: Real-Time AI Aid Debuts at Inspire Vegas
April 22 saw Inspire kick off in Las Vegas, which brings together executives and professionals from the procurement, supply chain and finance industry.
The event offers everyone from customers to ecosystem partners and key industry executives to learn, share and be 'inspired' on the future of AI-driven S2P, Spend Management, Supply Chain Management and Operational Excellence.
What AI innovations were announced?
Fang Chang, Chief Product Officer & EVP at Coupa Software introduced the world to Navi.
Coupa Navi is a GenAI-based AI agent that provides real-time support and guidance helping teams make smarter decisions faster. Navi guides users through intake and purchase requests, auto-populates forms, creates personalised dashboards, surfaces key data and insights and speeds up approval cycle times.
As well as the new agent, Coupa also outlined its other AI assistant, aimed to help businesses optimise two of their most important assets – money and people.
As well as Navi, Coupa also announced:
- Contract Intelligence helps teams prevent revenue loss and make faster and more informed decisions. It uses AI to analyse and extract key data, enabling users to load third-party contracts and create records automatically. Contract amendments can be tracked comprehensively and more effectively, which helps reduce risk. What used to take hours of manual work, now takes seconds
- Purchase Order (PO) Collaboration Intelligence keeps businesses running and increases supply chain resiliency by reducing lead times, expediting troubleshooting and improving delivery performance. For instance, it uses AI to automate order change requests by processing emails to generate PO confirmations.
“Today’s complex and dynamic operating environment has placed enormous pressure on traditional business models and approaches,” says Leagh Turner, Coupa CEO.
“CEOs and CFOs are struggling to grow their organisations efficiently and effectively and their margins are eroding at unprecedented rates.
“Coupa enables a margin multiplier effect for our customers. Our platform is powered by community-generated AI, across a network of millions of buyers and suppliers, and more than six trillion dollars in transactional data. This data serves as the pulse of the global economy and helps guide our customers to make smarter decisions that create durable and sustainable growth.”
Controlling margins across all spend
Coupa aids businesses in effectively managing supply chain disruptions, optimising costs, and ensuring business continuity for sustainable growth. New solutions that improve forecast accuracy and identify areas to unlock cash include:
- Category Planner helps businesses better define priorities and spend category strategies by providing visibility into all their spend holistically. It provides commodity-level insights that tell businesses if they’re spending more than peers – prompting negotiating opportunities to drive savings that improve working capital
- Forecast Collaboration helps businesses reduce inventory costs by improving forecast accuracy, improve customer service due to reduced shortages and capitalise on upside demand opportunities by connecting supply chain planners and suppliers. Forecast Collaboration is part of Coupa’s Supply Chain Collaboration solution.
”Coupa’s commitment to leveraging cutting-edge technology to ensure our customers’ success remains our top priority," says Fang.
"By leveraging these new and powerful AI use cases, we’re giving customers a disruptive advantage to achieve bottom-line performance gains and top-line growth."
The above products are expected to be generally available in May 2024, with the exception of Navi, which is now available to early access customers and is expected to be widely available later this year.
What else happened on day one?
Inspire's first day kicked off with a record setting Coupa Run, where 200+ runners turned out to raise over US$7k for Nature Conservancy Nevada.
As well as speakers including, Sonalee Parekh, CFO of RingCentral, Tyler Vigen, Partner at Boston Consulting Group and Jon Scofield, Vice President, Strategy and Business Operations at Hilton Supply Management.
Coupa’s partners are also critical to the success of the Coupa Community. Titanium Sponsors at this year’s Inspire event include – Accenture and KPMG. Platinum sponsors include Bottomline and PwC.
“We couldn’t hold our event without our partners and we would like to thank these signature sponsors and all of our partners who participate for their support and contributions to making Inspire Americas 2024 a success,” adds Greg Harbor, Coupa Chief Partner Officer.
The event runs until 24 April.
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