We are excited to announce that Spaulding Ridge has entered into a partnership agreement with our newest technology partner, Coupa Software. With the addition of Coupa, we now have a cloud-based offering in the Business Spend Management (BSM) space. This is an important extension of our Best-in-Cloud strategy and an important piece of the puzzle for organizations seeking to digitally transform their business.
If you aren’t familiar with Coupa, they provide cloud-based solutions that helps companies manage every aspect of spending. From strategic sourcing and procurement, to invoicing and vendor payments, Coupa is an end-to-end Business Spend Management Platform. In short, Coupa is the Salesforce.com of spend management. Just like Salesforce transformed the way companies manage sales, service, and marketing, Coupa does the same thing for sourcing, procurement, and vendor payments.
What’s compelling for Spaulding Ridge and our clients is that the Coupa platform complements our existing portfolio of Best-in-Cloud technology solutions. Even before the announcement, many of our clients were asking about Coupa as a part of their digital transformation strategy. Companies that are taking a Best-in-Cloud approach to digital transformation see Coupa as the go-to solution for business spend management.
Industry analysts have also recognized Coupa as a frontrunner in their space. Just recently, Coupa was named a leader in the Gartner Magic Quadrant for Procure-to-Pay suites for the fifth consecutive time. And Forrester Research gave them their highest rating for eProcurement platforms. Coupa is disrupting the industry by being the most innovative Spend Management platform and by displacing older, legacy vendors who have stopped innovating.
Today, Coupa has over 1400 customers and over 5 million suppliers in its network. However, the growth is just getting started. Coupa is growing at 46% year over year, and according to Coupa’s most recent quarterly report, there are over 100,000 companies in Coupa’s total addressable market. At 1.4% market penetration, there is still tremendous upside for Coupa as companies continue to move critical business functions to the cloud. The total market for business spend management solutions is estimated at $56 billion.
Part of Coupa’s formula for client success is to rely heavily on a network of trusted implementation partners. Most implementations are delivered by partners, with expert-level support from Coupa, due to the partners familiarity with the client’s business model and unique challenges. For Spaulding Ridge, we bring adjacent expertise to make Coupa’s integration with other enterprise systems seamless. It is interesting to note that the Coupa partner ecosystem is generally closed; Coupa made an exception for Spaulding Ridge given our unique value proposition and client positioning.
Coupa prides itself on 100% customer success and focuses on measuring the value delivered to the customer. Here at Spaulding Ridge, we believe that “All Business is Personal” and that we achieve success when we deliver results for our clients. Likewise, Coupa and Spaulding Ridge share the belief that we are part of a global community and that service is fundamental to who we are. The Coupa Cares program emphasizes community service and is very similar to Spaulding Ridge’s Think Global initiative making the partnership a great fit culturally, as well.
We look forward to growing our Coupa practice and to helping our clients adopt the Coupa platform for Business Spend Management as a part of their digital transformation strategy.
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About Coupa Software
Coupa empowers companies around the world with the visibility and control they need to spend smarter and safer. To learn more about how Coupa can help you spend smarter, visit www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.
About Spaulding Ridge
Founded in 2018, Spaulding Ridge is a top management consulting firm, dedicated to client success and helping organizations implement and adopt best-in-cloud technology to solve their most pressing challenges. Spaulding Ridge helps Finance and Operations teams gain control, increase financial effectiveness, improve productivity & efficiency, and increase competitiveness. To learn more, visit www.spauldingridge.com or contact us at [email protected].