Coupa Adds GenAI and Innovation Features to Supply Chain Platform

Coupa has announced its latest launches around generative artificial intelligence (AI) and innovation.

These new innovations join the company’s existing artificial intelligence (AI)-driven platform designed to help businesses operate smarter and grow faster by connecting and optimizing sourcing, purchasing, supply chains and financial management, Coupa said in a Monday (March 4) press release.

“New AI innovations from Coupa will help businesses become more scalable and profitable,” Coupa Chief Product Officer Fang Chang said in the release.

One of Coupa’s latest additions is new accounts payable (AP) automation features that digitize invoices by extracting invoice data from scanned documents, according to the release. To further reduce the need for manual entry, these features also automatically assign tax code rules to invoices.

The company’s platform also optimizes workflow processes by auto-assigning new purchase, supplier, contract and sourcing event requests to users based on customized settings for each business, the release said. This provides teams with greater visibility and control over their approval queue.

In addition, new Coupa App Marketplace integrations with Tonkean and Tropic streamline employees’ buying experience by providing them with intelligent intake orchestration and guidance for making smarter buying decisions, per the release.

Coupa has also launched an Early Access Program for Forecast Collaboration, a new part of its Supply Chain Collaboration suite that streamlines communication between buyers and sellers, better matches supply and demand, and helps buyers plan future material needs, according to the release. This feature will be made generally available in Coupa’s May 2024 release.

“We are excited to unleash cutting edge generative AI solutions later this year, set to revolutionize your workflows within Coupa,” Chang said in the release.

PYMNTS Intelligence has found that both retailers and manufacturers are investing in digital technology to improve their procurement operations and limit business disruptions caused by future supply chain breakdowns.

Thirty-one percent of retailers and 42% of manufacturers are already investing in upgrading their procurement technology, with another 53% of retailers and 44% of manufacturers planning to do so, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS Intelligence and Corcentric collaboration.

In another recent move in this area, Blue Yonder said in December 2023 that it added GenAI capability to its range of supply chain solutions. The company’s Blue Yonder Orchestrator helps companies make sense of their data and use it to make decisions.

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