RingCentral Partners with Coupa to Improve Operating Efficiencies, Workforce Productivity, and Growth

Rhea-AI Summary

RingCentral (NYSE: RNG) has partnered with Coupa to optimize its spend and business operations. After a decade of revenue growth, RingCentral aims to modernize its back-office operations using Coupa's AI-driven total spend management platform. The partnership is expected to:

1. Automate processes across sourcing, procurement, risk, and payments
2. Control risk and improve governance over cash management and spend
3. Use AI to drive smarter business decisions
4. Achieve measurable cost savings by year-end

RingCentral's CFO, Sonalee Parekh, highlighted the platform's ability to modernize source-to-pay processes and increase operational velocity. Coupa's platform leverages community-generated AI built on a $6 trillion dataset to identify savings opportunities and free up funds for growth.

Positive

• Partnership with Coupa expected to optimize spend and improve business operations
• Potential for measurable cost savings by the end of the year
• Modernization of source-to-pay processes leading to increased operational velocity
• Access to Coupa's AI-driven platform for smarter business decisions

Negative

• None.

Coupa's AI-driven total spend management platform empowers RingCentral to optimize spend

FOSTER CITY, Calif., Aug. 8, 2024 /PRNewswire/ -- Coupa, the margin multiplier company, today announced that RingCentral, Inc. (NYSE: RNG), a leading provider of AI-driven cloud business communications, contact center, video and hybrid event solutions, has deployed Coupa to help optimize its spend and business operations.

After a decade of growing revenues, RingCentral was looking to modernize its back-office operations as its business continues to scale. RingCentral chose Coupa to automate processes across sourcing, procurement, risk, and payments. They selected Coupa for its breadth of functionalities and intuitive platform that delivers real-time data and analytics to help teams set performance benchmarks and improve productivity.

"Coupa's platform helps us control risk, improves governance over our cash management and spend, and uses AI to automate and drive smarter business decisions across our organization," said Sonalee Parekh, CFO of RingCentral. "With Coupa, we have been able to modernize our source-to-pay (S2P) processes. We're now operating at an incredible velocity, and as a result, we believe we can achieve measurable cost savings by the end of the year. We're proud to be a customer of Coupa and to also work with their team to power their business communications with our leading Unified Communications as a Service platform."

"Every CEO and CFO is dealing with mounting cost pressures, supplier risks, and data and technology complexities that are eating away at their margins. Coupa's leading total spend management platform and network of millions of suppliers allows you to bet on one software provider to eliminate margin erosion in your operations. We're grateful to partner with industry leaders like RingCentral to help them turn these pressures into opportunities," said Rich Slipec, Managing Director, Americas at Coupa.

"Today's pace of change is unprecedented and outpacing human scale and traditional technology approaches. By leveraging Coupa's unique community-generated AI, built on a massive $6 trillion dataset, RingCentral is able to find opportunities to save and free up funds for growth that are possible through Coupa's platform and data. We're proud to not only have RingCentral as part of our global Coupa community, but also delighted to be leveraging their leading communications platform that's resulted in noticeable improvements in call quality and availability of service for our team," continued Slipec.

To learn more about the Coupa platform, visit coupa.com.

To hear more stories from Coupa customers, visit coupa.com/customers.

About Coupa
Coupa makes margins multiply through its community-generated AI and industry leading total spend management platform for businesses large and small. Coupa AI is informed by trillions of dollars of direct and indirect spend data across a global network of 10M+ buyers and suppliers. We empower you with the ability to predict, prescribe, and automate smarter, more profitable business decisions to improve operating margins. Coupa is the margin multiplier company™. Learn more at coupa.com and follow us on LinkedIn and X (Twitter).

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SOURCE Coupa Software

FAQ

What is the purpose of RingCentral's partnership with Coupa?

RingCentral (NYSE: RNG) has partnered with Coupa to optimize its spend, improve business operations, and modernize its back-office processes as the company continues to scale after a decade of revenue growth.

How does Coupa's platform benefit RingCentral's operations?

Coupa's AI-driven platform helps RingCentral control risk, improve governance over cash management and spend, automate processes, and drive smarter business decisions across the organization. It also modernizes source-to-pay processes, increasing operational velocity.

What cost savings does RingCentral expect from implementing Coupa's platform?

RingCentral believes it can achieve measurable cost savings by the end of the year through the implementation of Coupa's total spend management platform, although specific figures were not provided in the press release.

How does Coupa's AI technology benefit RingCentral (RNG)?

Coupa's community-generated AI, built on a $6 trillion dataset, helps RingCentral identify opportunities to save and free up funds for growth. This unique AI capability allows for more efficient spend management and decision-making.