Veterinary care company Bond Vet has launched a partnership with spend management provider Coupa.
The collaboration, announced Monday (Nov. 4), will see Bond Vet clinics employ Coupa’s artificial intelligence (AI) platform to manage their finances and supplies.
“As Bond Vet opens more clinics to meet the growing need for high-quality pet care, keeping things running smoothly behind the scenes becomes even more important,” the companies said in a news release. “With Coupa’s platform, Bond Vet can automate tasks like ordering supplies and managing expenses, so clinic teams can focus on delivering top-notch care without worrying about running out of important medications and other supplies.”
According to the release, Coupa’s platform lets veterinarians and veterinary technicians spend less time on administrative tasks and more time with patients. Staff, meanwhile, can employ the platform’s real-time ordering tools to avoid running low on important items.
“This partnership allows Bond Vet to give its clinic teams the support they need to make everyday tasks easier, helping everyone stay on top of things while ensuring the best possible experience for pets and their families,” the companies said.
PYMNTS spoke Monday with Rajiv Ramachandran, senior vice president product strategy and management at Coupa, about the way finance executives can deploy AI.
“To truly unlock the power of AI, especially in a B2B world, you really need to have tremendous amounts of real-world business data to train the AI,” Ramachandran told PYMNTS during a conversation for the B2B Payments 2024 event.
He emphasized that AI’s effectiveness depends on the volume and quality of data it processes, making it critical that finance leaders invest in platforms that aggregate and analyze data from diverse sources, as opposed to solutions that merely automate within silos.
Ramachandran added that one of the biggest challenges facing treasurers is the fragmentation of financial functions. Traditionally, procurement, accounts payable (AP), treasury and supply chain teams operate within silos, with their own sets of data.
“Teams responsible for looking at this data and learning from it were completely siloed. Procurement did not talk to AP, AP did not talk to treasury,” he said.
But AI-powered platforms are transforming that landscape by integrating these functions and providing a unified view of cash flow.
“The integration of these systems allows for a holistic view of a company’s cash position, making it easier for finance teams to manage cash flow efficiently and accurately. This capability is essential for finance teams that need to manage liquidity proactively and respond swiftly to fluctuations in the market,” PYMNTS wrote.
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