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Super Coupa fits the bill
Helping a financial services giant cuts its shopping bill
Who doesn’t want to save on their spending? For one client with a £5 billion annual shopping bill, a new approach to buying could cut the cost by up to £237 million.
A Deloitte team from the UK, US, Poland and India has been working with a global financial services institution to implement a cloud-based purchasing platform called Coupa for its UK spend.
A one-stop shop for all goods and services, it’s easy and intuitive, much like a consumer online marketplace. It brings together invoicing, approvals and contracts, making everything more efficient and transparent. From purchasing pens to commissioning consultants, users can see exactly how much is being spent, with whom and on what.
A single, simple system
Before Coupa went live at the client in April, the organisation had several disparate procurement systems, which meant time-consuming processes, duplicated work and unnecessary admin.
More than 50 practitioners from the client and our offices spent 10 months on the project, from design to implementation for 1,200 users. It called for collaboration across teams from Risk Advisory, Strategy & Operations and Human Capital, and between global member firms.
For the client, the potential is enormous. As well as the substantial benefit to the bottom line, it means less time spent on procurement – total purchase order approvals, for instance, are expected to drop by 36 per cent.
Ninety per cent of spending can be linked to contracts, so it’s easier to track. The system also auto-approves low-value invoices, ensuring prompt payment for smaller suppliers.
The client is planning to take Coupa worldwide in 2019, introducing it across 38 countries where purchases total a further £2.7 billion.
Importantly, the ability to track billions of pounds worth of spending adds an extra level of financial rigour. This will help the organisation meet its Operational Continuity in Resolution obligations which, introduced in 2016, govern the running of major financial institutions’ critical services.
“I am delighted to have been part of the team that supported the client to implement this ground-breaking procurement solution,” says Anil Kotecha, a director in our Risk Advisory practice. “This is a prime example of the firm successfully partnering with disruptive technology providers to lead and drive value in an innovative way for our clients.”
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