Rivian Drives $213 Million in One-Year Savings with Coupa

Rhea-AI Summary

Rivian, an electric vehicle manufacturer, has reported significant savings through Coupa Software's Business Spend Management (BSM) platform. In just one year, Rivian saved over $200 million by leveraging Coupa for smarter purchasing and procurement operations. Since using Coupa, Rivian's total savings have exceeded $280 million, with $213 million achieved last year alone. These savings have empowered Rivian to invest strategically, optimizing operational costs during challenging economic times. Coupa's platform has also facilitated enhanced efficiency and industry benchmarking, driving Rivian’s growth and sustainability mission.

Positive

• Achieved over $200 million savings in one year using Coupa's BSM platform.
• Total savings surpassed $280 million since adopting Coupa, with $213 million saved last year.
• Each procurement team member saved $4 million, showcasing efficiency and cost management.
• Coupa's benchmarking performance data enhances operational effectiveness and industry competitiveness.

Negative

• None.

Electric vehicle automaker plugs into Coupa's BSM platform to power savings through strategic sourcing and efficient procurement operations

SAN MATEO, Calif., Feb. 8, 2023 /PRNewswire/ -- At a time when businesses globally are focused on improving operational costs, electric vehicle designer and manufacturer Rivian has fueled its business with Coupa Software's (NASDAQ: COUP) Business Spend Management (BSM) Platform.

In one year, Illinois-based Rivian leveraged the Coupa platform to save more than $200 million in smarter purchasing, planning, and business execution. Those dollars are serving Rivian as an engine for investment throughout the company.

"In the past two years, we've saved more than $280 million using Coupa – $213 million last year alone, which represented $4 million saved for every member of our procurement team. The impact of these savings was astronomical for the organization during such tumultuous economic times," said Brad Hood, director of indirect procurement, Rivian. "Not only that, but the benchmarking performance data Coupa provides through Community.ai pushes our team to exceed the industry standards. We've become more efficient and effective – and we're just getting started."

With Coupa, Rivian rolled out scalable spend management initiatives to support turbo-charged growth. The company is able to focus on tactical buying, ensuring all spend is competitively sourced and funneled through the appropriate channels. Rivian evaluates spending across the company, analyzes supplier data, and measures that information against industry standards to elevate performance.

"Cost savings is a top priority for every business. The Business Spend Management community has shown that by spending smarter together, we also save smarter together," said Mark Riggs, chief customer officer, Coupa. "We're thrilled that Coupa is helping Rivian to drive strategic decisions and improve their entire operation, from planning to production to sale. The ability to then redirect those savings to transitioning the world toward more sustainable energy is huge. We're proud to play a role in enabling such an important and impactful mission."

To learn more about how Rivian is making every dollar spent more effective, join us at Inspire, the flagship global BSM community event. To register, visit: https://americas.coupainspire.com/

Coupa empowers companies around the world with the visibility and control they need to manage all business spend in one place to accelerate performance and unlock purpose. To learn more, visit https://www.coupa.com/.

About Coupa Software

Coupa is the cloud-based Business Spend Management (BSM) platform that unifies processes across supply chain, procurement, and finance functions. Coupa empowers organizations around the world to maximize value and operationalize purpose through their business spend. Learn more at www.coupa.com and follow us on LinkedIn and Twitter.

 

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SOURCE Coupa Software

FAQ

How much did Rivian save with Coupa in one year?

Rivian saved over $200 million by using Coupa's Business Spend Management platform in one year.

What is the total savings Rivian has achieved with Coupa?

Rivian has saved more than $280 million since implementing Coupa.

How much did Rivian save last year with Coupa?

Rivian saved $213 million last year through Coupa's platform.

What benefits has Rivian seen from using Coupa's platform?

Rivian has enhanced efficiency, cost management, and benchmarking performance through Coupa.

What is Coupa Software's stock symbol?

Coupa Software's stock symbol is COUP.