In general, business performance is about beating your
objectives,
trending in the right direction and doing it better than the
competition.
But with meaningful benchmark analysis, you can learn from the
experience of others and apply that learning to making more informed
spend management decisions. For example:
- If you learned that, on average, 30% of
spending requests are
rejected, and your company is only rejecting 2% of requests, wouldn’t
you want to consider implementing stricter spending approval policies,
now that you have real data to justify this change?
- What if you
learned that, on average, turnaround time from
requisition to approval took two hours, while at your company the
average is three days? Wouldn’t you consider simplifying the workflow
and approval routing process at your company so that employees can get
the goods and services they need to do their jobs faster? How much
administrative burden and expense would that eliminate?
- What if
you learned that most companies have at least three
suppliers per commodity category where they take advantage of
pre-negotiated discounts and where they conduct all transactions
electronically? Wouldn’t you consider leveraging Coupa for streamlined
electronic PO and invoice handling via the Supplier
Network in order to save on transaction costs?
With Coupa you have access to critical benchmarking data that you cannot get with any other system!
Establishing benchmarks are really only as good as the data that's being collected. That's why Coupa's benchmarking capabilities is only built on real customer transactional data, not subjective surveys, but real information.
Let's dive into three important benchmarking areas:
Happy benchmarking!
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