Coupa Contract Lifecycle Administration (which is priced by customized enterprise quote) is a contract administration platform targeted on enterprise spend administration and procurement. Previously generally known as Contractually, Coupa acquired the product in January 2016 to streamline contract evaluation processes in its business-to-business (B2B) commerce platform. Coupa has launched superior performance, together with workflow routing and automatic triggers, redlining and alter evaluation, and a broader operationalization of contracts within the system to tie immediately into buy orders, invoices, and different elements of its spend administration platform.
Coupa Contract Lifecycle Administration shouldn’t be as customizable for a variety of use circumstances as Editors’ Alternative Agiloft neither is it as user-friendly as Harmony or as highly effective a contract negotiation and collaboration software as Onit Contract Administration and Contract Assessment & Approval. Nonetheless, not one of the different contract administration platforms we examined provide the unified enterprise worth and commerce-driven analytics to completely combine the contract life cycle into the provision chain.
Enterprise Pricing Construction
Coupa refocused what as soon as was Contractually from a fundamental cloud service right into a focused contract administration resolution melded with an organization’s shopping for, promoting, and transaction processing. In response to Coupa, the corporate is primarily targeted on companies with yearly revenues beginning at $75 million or greater. This isn’t a platform for small to midsize companies (SMBs) and doesn’t provide a free or entry-level Software program-as-a-Service (SaaS) subscription equivalent to what you may discover in Agiloft or Harmony. This can be a resolution for giant, world enterprise organizations.
Coupa Contract Lifecycle Administration is included as a part of the Coupa Spend Administration subscription. This contains limitless contracts, customers, alerting, and automated spend consumption and monitoring. Contract collaboration is an incremental payment and priced as a proportion of the Coupa Spend Administration subscription. Coupa Contract Lifecycle Administration contains the power to create limitless contracts together with authoring, enhancing, and eSignature with all events, plus redlining and model management.
Commerce-Pushed Contract Administration
As it is a evaluation of a contract administration system, we targeted our testing totally on the Coupa Contract Lifecycle Administration and Coupa Contract Collaboration elements of the general Coupa Spend Administration platform.The Coupa dashboard makes it clear that each side of the expertise flows again into spend administration and procurement. Throughout the highest navigation bar are tabs for Bills, Requests, Orders, Invoices, Stock, Sourcing, Suppliers, Contracts, and Reviews, together with an especially granular setup panel that allows you to customise each side of the modular platform—from content material and suppliers to buying instruments, workflow automation triggers, integrations, and extra. On the entire, Coupa gives a breadth of performance akin to a full-blown enterprise useful resource planning (ERP) resolution.
The principle dashboard additionally offers you a dynamic common search bar for pure language queries to navigate proper to what you want within the dense platform. It additionally offers you filters to drill down by division or particular objects. It is a system designed to distill a posh enterprise provide operation right down to focused knowledge and tailor-made views, and one you’ll be able to entry from any browser.
I began out within the Contracts tab, which is a single built-in repository of all of the provider contracts within the system. It is specified by the same listing view to what you may discover in Harmony or ContractWorks. It reveals particulars equivalent to begin and expiration date, contract standing, and content material teams along with icons for enhancing and deleting an entry. The highest filter bar offers you choices to create a brand new contract entry, bulk-upload contracts from a file, export contracts to CSV or Microsoft Excel recordsdata, and a variety of filters to type your contracts by language, date, expiration timeframe, and superior filters that allow you to drill down by contract quantity or key phrases. The search bar can run optical character recognition (OCR) on contract paperwork and PDF recordsdata to establish particular phrases and clauses.
All of that is pretty normal throughout the contract administration options we examined. What’s distinctive about Coupa is that the Contracts dashboard additionally offers you charts of the top-purchased objects and commodities within the system. This helps you prioritize contracts primarily based on spend administration. All the pieces can also be permission-controlled. So, primarily based on the person teams, entry roles, and content material teams of various contracts configured by the administrator within the setup tab, each person will see one thing totally different. Every contract can have a number of contract teams tying it both to a specific division or person group, a particular strategic account, a specific nation or language, or some other attribute.
When creating a brand new contract, I entered the fundamental contract particulars equivalent to provider and time period. I included choices to pick doc and repair sorts, add a associated contract doc, and join the contract to a grasp settlement if relevant. Coupa gave me a set of predefined templates from which to decide on when assigning a provider. It let me select from distributors presently listed within the system.
As soon as you’ve got created a contract, or discovered the contract for which you’ve got searced, you’ll be able to click on into its Particulars web page. Coupa offers you not solely contract particulars, equivalent to doc sort and model quantity, but additionally contains sections on bill data, requisitions, content material teams, pricing and phrases, alerts, and particular objects or merchandise within the e-commerce system related to that contract. The pricing and phrases part is especially nifty, letting you outline financial savings numbers on a contract in no matter method you want, be it proportion reductions off listing costs or primarily based on minimal/most spend parameters. This goes hand-in-hand with the “Supply This” characteristic, which is a button that brings up comparatively priced bids for items and providers on a provider contract when it comes up for renegotiation.
There is a pre-integrated functionality with different modules as properly, so that you’re one click on away from seeing buy orders by division or commodity, invoices, or some other part of the platform. Coupa does have its personal alert inbox and notifications dashboard, however the firm mentioned it prefers to combine with third-party providers equivalent to Gmail or Slack to ship customers notifications (in no matter app or interface they’re already working in).
In Coupa, you aren’t getting a collaboration and contract negotiation module on this web page, which you do in Onit. For that, you hit the “Writer Contract” button on any contract element web page to take you into the Coupa Contract Collaboration surroundings. That is the place you may discover superior contract enhancing and redlining, which lets a number of events settle for, reject, and touch upon edits made by different events. That is all performed in a shared collaborative house that is meant to imitate a Google Doc. It comes with model management that allows you to roll again adjustments, plus an audit path for all edits and interactions within the surroundings. You may even set inner service-level agreements (SLAs), setting allotted home windows for the way lengthy totally different teams inside an organization have to barter. That is designed to enhance cycle occasions for contracts.
The contract enhancing itself occurs in a fundamental WYSIWYG editor, with an audit go browsing the right-hand aspect that can assist you pull in pre-approved contract language, figures from different sources, or particular clauses. Once you save adjustments, Coupa offers you an choice to view a side-by-side model comparability, with adjustments explicity marked and color-coded. In case you invite further customers, then they are going to solely see adjustments from the cut-off date that they began with the settlement. The brand new person will see an automated pop-up window with who the important thing contract proprietor is. From there, the proprietor can management permissions, add and take away customers, or assign particular duties throughout the collaboration surroundings. The contract collaboration and negotiation course of is extra centralized and unified in Onit. Nonetheless, Coupa offers a degree of granular management into the enhancing course of matched in our testing solely by the observe adjustments and wealthy formatting choices of Harmony.
Lastly, Coupa features a easy DocuSign integration on the finish of the contract life cycle course of to finish the eSignature course of and execute the contract. Coupa mechanically uploads the generated doc to DocuSign with a easy click-and-sign expertise for each the inner person and the exterior provider or vendor coming into into the settlement. In Coupa, you merely sort within the title of the signer, click on Signal, and Coupa captures the IP tackle of the signer. This data a novel digital footprint for safety audit. The provider and all related events then mechanically obtain an electronic mail with a PDF copy of the settlement.
Coupa Contract Lifecycle Administration additionally gives among the most detailed reporting and analytics of all of the contract administration platforms I examined. The Reviews tab encompasses a customized metric known as Excellent Match Insights, which appears on the proportion of your spend towards a contract’s quantity, greenback quantity, or different elements to find out focused “success metrics” and proposals for optimizing revenue. This goal-oriented gross sales reporting is in contrast to some other software I examined, producing analytics by contract labeled in inexperienced, pink, or yellow to designate financial savings targets on specific provider contracts. Coupa additionally gave me financial savings, effectivity, and utilization suggestions on easy methods to optimize catalogs, invoices, and sourcing for larger return-on-investment (ROI). These clever suggestions do not exist in a vacuum; you’ll be able to assign a activity immediately from the advice web page to start taking motion on the information insights.
There are a variety of different stories and metrics as properly, which might be custom-made to particular content material teams or departments or sliced by trade. As an example, charting spend percentages from tech trade suppliers versus manufacturing trade suppliers. Coupa mentioned the intelligence suggestions come from actual empirical knowledge that was anonymized from its lots of of enterprise prospects and their transactions. These reporting metrics are, after all, tied to the slender spend administration and procurement situation the platform providers. However the analytics dive deeper into backside line-focused contract insights than Agiloft, Onit, or any of the opposite contract administration platforms reviewed on this roundup.
Targeted on the Backside Line
Coupa Contract Lifecycle Administration shouldn’t be a do-it-all contract administration platform for each sort of contract and enterprise of any form and measurement. Reasonably, it is an enterprise spend administration and procurement platform, with contract administration and reporting options specialised for that use case. It’s miles extra superior consequently. For versatile contract creation, negotiation, and life cycle administration, Agiloft and Harmony are cheaper, extra user-friendly, and way more customizable by way of format and person interface. This isn’t the answer for SMB contract administration. Nonetheless, for giant enterprise organizations which are managing a deluge of provider contracts and a dense business-to-business (B2B) product stock, Coupa gives a degree of specialised, highly effective contract life cycle administration with ROI-focused intelligence metrics that you just will not discover anyplace else.