SAN MATEO, California, June 10, 2020
Respondents are making broad spending cuts with traditional spend management solutions, which may make navigating a recession difficult
SAN MATEO, California, June 10, 2020 /PRNewswire/ -- Today, Coupa Software (NASDAQ: COUP) announced the results of a global study of chief financial officers and senior financial executives that found the majority (87 percent) of respondents believe a recession is likely, with more than half (53 percent) expecting it to last six months or longer. However, as these leaders grapple with the idea of a looming recession, the results show that their current preparations might not be enough to navigate through what's coming.
During good times, businesses prioritize top-line growth, but in a downturn, the focus quickly shifts to profitability, putting pressure on a company's spend management strategies. A survey of more than 650 global financial leaders uncovered that companies may not have the right spend management strategies in place and could be leaving room for error when making critical business decisions.
The survey found that:
"The results of this survey are eye-opening, and illustrate the critical importance of ensuring that finance teams have the spend visibility and the supplier insights they need to make the right decisions and establish the right controls with confidence," said Rob Bernshteyn, chairman and CEO of Coupa. "With uncertainty likely to continue, now is the time for companies to adopt a comprehensive solution to build business spend resilience for any market condition."
Preparing for a Recession
To build resilience with your business spend, organizations must:
To learn more about how Coupa can help your company achieve greater visibility and control into your business spend, visit coupa.com.
This survey analytics report conducted by Sapio is based on a survey of 667 senior finance decision makers from companies with 500-plus employees based in the US, UK, France, Germany, and ROW (Argentina, Canada, India, Mexico, Singapore, or South Africa). The survey was sponsored by Coupa and conducted in May 2020.
About Coupa Software
Coupa empowers companies around the world with the visibility and control they need to spend smarter and safer. To learn more about how Coupa can help you spend smarter, visit www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.