Spend management company Coupa says it's added more than 100 AI-powered innovations to its platform.
"Our goal to be a margin multiplier for every business large and small worldwide requires a relentless focus on co-innovation with our customers," Fang Chang, Coupa's chief product officer, said in a Monday (Aug. 26) news release. "As market dynamics continue to shift and operating capital becomes more limited, companies are searching for more ways to drive profitable, sustainable growth."
Chang added that the company's "community-generated" artificial intelligence (AI) helps customers make smarter, more profitable decisions.
"By replacing archaic processes with Coupa's AI-driven solutions, businesses will run more efficiently, grow more effectively, and operate more confidently," he concluded.
Among the company's new AI offerings is Coupa Navi, a productivity tool that improves customer interactions by finding document status and approvals faster, speeding requests, and serving as an "always-available knowledge base" for instant answers to queries.
There is also Contract Intelligence, which "provides customers with risk-informed clause recommendations" for reduced to potential issues, while also offering generative AI-generated legal agreement summaries.
The new offerings come as businesses continue to incorporate AI into their practices, including small- to medium-sized businesses (SMBs), as noted here last week.
"The key to success for SMBs will be in how they choose to implement and integrate AI into their business models," PYMNTS wrote. "By focusing on applications that align with their unique needs and strengths, Main Street businesses can use AI to drive growth in ways that are both sustainable and impactful, distinguishing themselves from larger competitors in the process."
SMBs, which typically include things like local retailers, restaurants or service providers, are up against a different set of challenges and opportunities than larger enterprises. These businesses often function with limited resources, both in terms of capital and workforce, and are more deeply ingrained in their communities.
This local focus, combined with a need for efficiency and personalization, has caused SMBs to employ AI in ways that are distinct from the large-scale, data-intensive adoptions seen in bigger companies.
"Small business owners are using a variety of solutions. They may have seven-plus business apps in their back office, and they're looking for a simpler and more efficient solution," American Express Vice President of Marketing, Business Blueprint and Small Business Banking Brett Sussman told PYMNTS in an interview earlier this month.
Meanwhile, recent research by PYMNTS Intelligence found that 96% of SMBs that have used AI tools -- though not necessarily generative AI -- see it as an effective way to streamline work.
