Coupa Software, a leader in business spend management (BSM), today announced it has won the ‘2017 Innovative Sourcing Technology of the Year’ category at the annual PayStream Advisors Innovative Technology of the Year awards.

The PayStream awards identify the most innovative technology companies and recognises them for delivering intuitive, progressive solutions for automating financial processes. Coupa Sourcing Optimisation (CSO) took the top award in its category this year for providing sophisticated sourcing solutions that enable organisations to evaluate multiple criteria alongside price to help identify the ‘best’ solution. 

More than 90 vendors entered the awards competition, and the rigorous judging process included product demonstrations, customer surveys and in-depth interviews.

“We always believed that we led the field in sourcing optimisation, but recognition such as this validates the faith we and our clients have in our business,” said Garry Mansell, general manager of Coupa Sourcing Optimisation. “We are proud of the innovative way we have led the industry, and we look forward to continuing that legacy in the coming years."

CSO is part of the Coupa cloud platform for business spend and is used to conduct sourcing projects ranging from simple reverse auctions to complex large-scale projects involving multiple rounds of negotiation. CSO gives users access to advanced mathematical optimisation algorithms that help ensure sourcing decisions are based on the best available options, taking into account specified objectives and constraints

"Coupa is clearly leading the pack in electronic sourcing innovation, particularly when it comes to managing complex categories," said Jimmy Lefever, director of research and consulting at PayStream Advisors. "We were especially impressed with the way that Coupa Sourcing Optimisation tool uses algorithms to maximise sourcing outcomes for organisations. It finds the best combination of suppliers, goods, and services to meet a company’s specific needs, which is vital in strategic sourcing."