Last month, Coupa Software announced the launch of its Coupa App Marketplace, which according to Roger Goulart, executive vice president, Alliances and Business Development, is a “significant evolution of our open platform, to make it even easier for customers to discover and connect solutions from our rich partner community to empower businesses to spend smarter.” Coupa states in an introduction: “In other established categories, such as CRM and mobile applications, app marketplaces have unlocked significant value. The success of Salesforce’s AppExchange and Apple’s App Store are just two of many headline examples. With BSM as a category maturing – and the richness of the BSM ecosystem growing – the time is ripe for the Coupa App Marketplace.”
Expanding on this statement, overall, in both maturing and established categories, there is strong market interest in the areas of app development, data marketplaces, and external data utilization. Coupa’s App Marketplace release is indeed timely and prescient. Consider:
- The “great app explosion” – IDC reports “over 500 million digital apps and services will be developed and deployed using cloud native approaches” by 2023.
- According to Statista, the global app economy is predicted to reach an estimated value of USD $6.3 trillion in 2021 (up from USD $3.3 trillion in 2019).
- Gartner reports that by 2022, 35% of large organizations will be either sellers or buyers of data via formal online data marketplaces, up from 25% in 2020.
- In a Deloitte survey, 92% of data analytics professionals said their firms needed to increase use of external data sources; 54 percent said their companies plan to increase spending on it.
- McKinsey states that “overlooking external data is a missed strategic opportunity” and “few organizations have discovered the full potential of linking internal data.”
About Coupa’s App Marketplace
Landing on the App Marketplace home page you will find a list of featured applications, which will change monthly. For specific needs, you can free text search or browse the Marketplace’s 21 app categories, starting with Business Intelligence and ending with Treasury. Apps are offered across a wide variety of use cases that can be grouped into two broad categories: enterprise application integrations and specialized BSM extension applications. Apps integrate with the Coupa platform as App Connectors or Embedded Apps. When you select an Application, its profile page provides you with an Overview section, a Features section, and Resources page, allowing you to fully understand the offerings of the selected application.
Apps that Provide Intelligence and Market Data
The utilization of supply-related intelligence greatly improves the results of all activities involved in the source-to-pay process, including strategic sourcing, spend analysis, supplier management, risk management, and category management. For example, for spend analysis, the usage of external data provides visibility into how internal spend categories are currently handled relative to available external alternatives (Jones and Barner, 19, 24).
Here is a listing (not inclusive) of data partners in the Marketplace that provide intelligence offerings:
Amplifi PRO Embedded App by The Smart Cube – Amplifi PRO is an on-demand digital procurement intelligence platform that delivers procurement intelligence, related category resources and ready to use tools and templates (Business Intelligence category)
Costdrivers for Coupa – Costdrivers allows users to monitor prices and indexes for materials and services used in the durable and nondurable manufacturing, service, agricultural, and government sectors (Business Intelligence category)
Craft Supply Chain Intelligence Embedded App – With Craft, users can track key material changes throughout the supplier base, such as financial ratios, operating metrics, talent-related insights, ESG indicators, and sustainability scores (Business Intelligence category)
Beroe LiVE.Ai Embedded App – Beroe LiVE.Ai is an AI-powered platform that brings together intelligence, risk, benchmarking, supplier discovery, and market data under a single umbrella (Business Intelligence category)
PeopleTicker Embedded App – PeopleTicker provides real-time labor rate information and includes hundreds of thousands of contingent and direct hire jobs (Contingent Workforce category)
IntegrityNext Embedded App – IntegrityNext monitors and measures the sustainability of suppliers in Coupa with access to self-assessments, certificates, and social media for malpractice and reputational risks (Corporate Responsibility category)
EcoVadis Connector & Embedded App – This app allows for seamless synchronization of EcoVadis assessment data with the supplier’s Coupa profile to drive decisions based on the sustainability risk, performance and maturity of suppliers (Corporate Responsibility category)
SupplyShift Connector – SupplyShift is a cloud-based responsible sourcing platform that helps businesses trace, assess, and improve supplier sustainability performance at any level of the supply chain (Corporate Responsibility category)
SecurityScorecard Embedded App – SecurityScorecard helps in discovering, understanding, and measuring the cybersecurity posture of any organization (Governance, Risk & Compliance category)
BitSight Connector – The Coupa Connector for BitSight allows users to generate the BitSight Security Ratings for all their suppliers using BitSight’s API (Governance, Risk & Compliance category)
This is an exciting announcement and watch for new apps to be added on an ongoing basis.
Jones, Jeanette and Kelly Barner. Supply Market Intelligence for Procurement Professionals: Research, Process, and Resources. J. Ross Publishing, 2015.