Mark Verbeck, Senior Vice President and Chief Financial Officer at Coupa Software, discussed how finance departments operate during his presentation at the 2013 Chief Financial Officer Leadership Think Tank in San Francisco on June 25. In his opening remarks, Verbeck shared details about his past experiences in the corporate world.
Verbeck stated that when he began working at Blade Network Technolgies as its CFO, he found his company’s finance department was in disarray. In addition, Verbeck noted that plenty of work lied ahead in order to fix this department: “I arrived and I realized the finance department wasn’t in great shape. In fact, there were a lot of problems. One of the things I encountered was this procurement process was horribly broken. I’d keep getting these Excel-based requisitions and I didn’t know anything about the networking space. I’d been doing software for decades. I would look at this stuff and question why we were buying it. There are four people that have signed off on this thing and me, with my inch deep knowledge, would question the spend. I’d go back and find out that maybe we didn’t really even need to be doing this.”
However, Verbeck said that he learned from his experiences and used them to help in his most-recent role at Coupa Software. In his current position, Verbeck said, he helps Coupa provide dependable support to its clients, which has allowed his company thrive: “I think we’re in 19+ languages now and 150 currencies. We’re connected to 650,000 suppliers. We have 150,000 active users, billions of dollars of spend through the platform, half a million transactions running through the system daily and 99.9% up time. [We’re] always there.” By focusing on ways to connect with clients, Verbeck added, Coupa Software is able to provide first-rate assistance to large groups of customers.