“Our goal to be a margin multiplier for every business large and small worldwide requires a relentless focus on co-innovation with our customers. As market dynamics continue to shift and operating capital becomes more limited, companies are searching for more ways to drive profitable, sustainable growth. Coupa’s leading total spend management platform underpinned by our community-generated AI gives customers predictive insights, prescriptive decisions, and automated actions needed to drive smarter and more profitable decisions,” said Fang Chang, Chief Product Officer, Coupa. “By replacing archaic processes with Coupa’s AI-driven solutions, businesses will run more efficiently, grow more effectively, and operate more confidently.”

Increasing Efficiency and Productivity With AI While Reducing Risk
With increasing organizational demands on productivity and efficiency, Coupa continues to invest in embedding AI throughout its leading platform. New AI advancements include:

• Coupa Navi, our GenAI-based personal agent, will be generally available in September. Navi supercharges productivity, up-leveling how customers interact with the Coupa platform by finding document status and approvals faster, accelerating requests, and serving as an always-available knowledge base for instant answers to questions.
• Contract Intelligence, powered by new AI enhancements, provides customers with risk-informed clause recommendations helping reduce exposure to potential issues. New enhancements also provide GenAI-generated legal agreement summaries, giving users important context whether from third-party contracts or negotiations.

Maximizing Savings with Unified Spending
Coupa’s complete, unified platform provides businesses with one view into all their spend – both direct and indirect. By unifying all spend categories in one place, organizations can maximize savings and efficiency gains. New enhancements helping to maximize category spend include:

• The Coupa Advantage Marketplace offers quick access to a wide range of goods from trusted suppliers – including Schäfer Shop, Staples, and Würth – with pre-negotiated rates and financial benefits. Helping finance and procurement leaders identify savings opportunities, improve spend visibility and efficiency, and eliminate maverick spend, especially for tail spend. From fresh flowers to latex gloves, the Advantage Marketplace provides access to millions of goods helping customers maximize savings.
• Service Maestro enhancements allow customers to create, view, and manage contingent worker records and assignments, providing full visibility into services spend. This enables businesses to drive efficiencies, optimize costs, and comply with staffing regulations.

Air Methods, an air medical transport provider that operates more than 400 aircraft throughout the US, turned to Coupa to transform their back-office operations. Before Coupa they experienced largely manual processes, lacked standardization, and had poor spend visibility. With one platform, Air Methods has digitized its processes and increased visibility and control while fostering greater accountability and opportunities for savings.

“Coupa’s Advantage program has been instrumental in helping Air Methods increase savings and operational efficiencies across our unique complex supply chain and procurement processes,” said Jake Shearer, Category Manager, Air Methods. “By partnering with Coupa Advantage suppliers, we’ve achieved more than $500K in annualized savings, 100% PO-based spend with Advantage suppliers, and a significant consolidation in tail spend all in the first year. We look forward to using the new Coupa Advantage Marketplace to further optimize our tail spend and increase savings.”

“Our September release, and each of our product releases, drives the Coupa platform forward so our customers can reach their ambitious goals. We continue to invest in new and powerful AI use cases, which gives our customers a disproportionate advantage to achieving top-line growth and bottom-line performance gains,” said Chang.

Learn how you can leverage Coupa’s leading AI-driven total spend management platform here.

Availability
Starting in September, the Coupa Navi AI agent will be available to Core Platform customers, the Coupa Advantage Marketplace will be available to all Procurement customers, and advancements in Contract Intelligence will be available to all Contract Management Lifecycle customers.

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Key Highlights of the Partnership:

• Enhanced Risk Mitigation: The partnership will significantly expand Numerated’s data coverage, enabling more comprehensive and accurate financial analysis and risk mitigation.
• Advanced Analytics: With more granular data comes opportunities for more complex analytics along with generative AI applications.
• Granular Data for Complex Commercial Lending Decisions: Expanded data sets will support asset-based lending as well as improve decisioning for small-dollar scored loans and larger, fully underwritten loans alike.

Michael Turner, CEO of Validis affirms the importance of the partnership, “Together, Numerated and Validis are providing the granular data that financial institutions need to make accurate credit decisions. Having these two best-in-class providers work together makes it easier for lenders to speed up decisions while reducing credit risk.”

“We are constantly looking to innovate and provide our clients with the best experience and data available. As we incorporate the power of GenAI into our financial analysis products, the integration of Validis data marks an incredible leap forward in providing the highest quality credit decisions in the market,” remarked Dan O’Malley, CEO of Numerated.

The integration of Validis’s data sharing technology with Numerated’s platform will be rolled out in phases, with initial implementation in 2024 and full implementation in early 2025.This phased approach ensures a seamless transition for customers and maximizes the benefits of the new capabilities.

About Numerated: Numerated transforms the way financial institutions lend to businesses, making the process faster and easier. Banks and credit unions of all sizes leverage Numerated’s digital business lending solutions to exceed borrower expectations for convenience while driving significant gains in efficiency. The platform uses data to streamline originations and underwriting for business lending, from application to close. More than 500,000 businesses and 30,000 financial institution associates have leveraged the platform to process over $50 billion in lending, making Numerated the fastest-growing fintech SaaS company on the 2022 Inc. 5,000.

About Validis: Validis is a group of passionate data people on a mission to connect financial data. We work with Lenders to help them connect to their customers’ accounting packages. With Validis, Lenders work faster and smarter, benefiting from instant access to detailed financial data including AR/AP subledgers and full GL transaction details. Our customers unlock significant efficiencies, save money, and get accurate insight from live, fully standardized, granular data. This powers faster and better lending.

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The recognition underscores Adversa AI’s flagship product, Continuous Red Teaming for Generative AI (GenAI), which is revolutionizing the financial sector’s approach to security and resilience. As financial institutions worldwide rush to implement GenAI for serving customers and grapple with increasingly sophisticated cyber threats specific to AI Applications, from prompt Injections and Jailbreaks to Data Leakages, Adversa AI’s Continuous Red Teaming stands out as an essential tool, ensuring Security and Safety of AI-driven applications in financial systems.

In an era where GenAI is transforming financial services, ensuring the security and reliability of AI systems is paramount. Adversa AI’s Continuous Red Teaming for GenAI addresses this critical need by providing continuous, rigorous testing and fortification of AI models against potential vulnerabilities and adversarial attacks. This proactive approach not only enhances the security of financial institutions but also builds trust and confidence among stakeholders and customers.

“Being named in the AI Fintech Global list is a testament to our commitment to innovation and excellence in the financial technology sector, the most growing customer segment and the most affected by Cyberattacks. This accolade recognizes our contributions to developing advanced and pioneering AI technologies that are crucial for the financial services industry in 2024 and beyond.” – added Alex Polyakov, Adversa AI CEO.

Continuous Red teaming involves the ongoing simulation of sophisticated cyber-attacks on AI systems, identifying weaknesses before they can be exploited by malicious actors. For financial institutions, this means staying ahead of threats, safeguarding sensitive data, and maintaining operational integrity. Adversa AI’s solution is designed to adapt to evolving threats, ensuring that financial companies can operate with the highest levels of security and reliability.

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Flexibility and Ease-of-Use Critical to Addressing Adverse Selection

The latest updates to the Minerva suite introduce eight new enhancements that empower underwriters with deeper insights and more efficient tools to assess risk:

1. NAICS 2.0: Industry-leading classification delivered in under a second, taking an observational approach to know what the business actually does before the quote is bound.
2. Lessors Only Risk: Provides underwriters with a summary of all the tenant businesses at a single commercial property location, saving your team time and money.
3. Loss Control Alerts: Uses LLM and GenAI to identify loss-prone behavior, saving money on unnecessary surveys when loss control is warranted.
4. Business Anomaly Modeling: Identifies complex businesses by comparing their operations against 50 million others in their peer group, streamlining normal operations and freeing underwriters to focus on accounts that need a review.
5. Loss Propensity Scores: A prebuilt, off-the-shelf model that predicts a business’s likelihood of experiencing a loss based on known loss outcomes.
6. Business Trends: Gives underwriters all the knowledge of renewals at new business, providing a historical view of changes in a business’s operations and growth over time.
7. The Carpe Risk Score: Aggregates all of these enhancements with Minerva’s core data to provide a single decision point that summarizes a business’s total risk into a single score, enabling underwriters to confidently rate, quote, and bind a policy in the very first phone call.
8. Minerva UI: Brings the power of Minerva’s core product suite into an easy-to-use visual interface for underwriters to access when implementation opportunities are limited.

“Our latest enhancements to Minerva’s robust data store offer speed and simplicity to small commercial data that can’t be found elsewhere,” said Carpe Data Chief Product Officer, Scot Barton. “With the full weight of Minerva at their disposal, underwriters can confidently rate, quote, and bind a policy within the first few minutes of their very first interaction. Even as carriers grapple with ballooning adverse selection in their small commercial books, Carpe Data’s clients are largely insulated from the issue as a result of our partnership.”

Carpe Data is also expanding its flagship fraud detection solution, ClaimsX, with significant enhancements to data quality, diversity, and speed:

1. Full Service Reports: Eliminates inefficient manual searches at a fraction of the cost of alternative online investigation services, providing adjusters and SIU with a comprehensive online view of a subject’s activity.
2. Corroboration vs. Contradiction: Adds a layer of sophistication to custom automation workflows, allowing claims teams to more quickly validate legitimate claims while freeing up resources for claims that warrant a closer look.
3. API 2.0: Integrates all ClaimsX insights into any claims platform seamlessly and securely.

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