>> from the Cosmopolitan Hotel in Las Vegas, Nevada. It's the Cube covering Cooper inspired 2019. >> Brought to You by Cooper. >> Welcome to the Cube from Cooper inspired 99 Lisa Martin in The Cosmopolitan of Las Vegas. And guess who I have with me from the main stage CEO. Rob Bernstein. Welcome to the Cube. >> You so much. Thank you for having me >> exciting start today. One of Inspire really enjoyed the general session this morning. I learned three things more than three, but there's three that really stick out. One. You like pizza >> I do >> to you like kittens and kittens. And three, since 2016 there has been a five X increase and the spend going through the coop a platform with rocket ship. >> That's right. Huge momentum were well over 1.2 trillion dollars and spend that's gone through the platform. It's accelerating, and our customers are getting a lot of value and visualizing that spending, routing it to prefer contract saving money doing in smart, compliant ways. It's a really exciting time for us. >> It is, and this is across every industry manufacturing, healthcare, retail, et cetera. Every industry has the opportunity to leverage this wealth of data absolute. Cooper has to be able to get that visibility and control of all their spent. That's really revolutionary for any business. >> Well, we're really excited about it. Our community of customers is very excited about it, where building something very special here. I'll tell you one of the most exciting things. When you see that data being used in a way that drives intelligence for each individual customers, you know, we're helping them understand Where is their potential fraud with their expenses, where their suppliers maybe sending them duplicate invoices by accident? But Ari, I picks that up. So we are taking the space to a completely new level, and it's it could be more exciting. Honestly, >> well, the amount. You know, we go 1,000,000 shows a year, maybe a little bit less, But we always hear data is oil data is gold. It is. If you have access to it, you can extract insights from it really quickly and be able to act on it faster than your competition. >> Absolutely. You have to be able to normalize the data first informal, so you need a I capabilities. To do that, you have to access a massive data store you have to anonymous. The data obviously needs to be very, very secure, and then you have to draw insights out of that data. And one of things I share this morning is that we've given our customers just in 2019 more than 18,000 prescriptions of things they should consider, for example, putting some suppliers on hold if we think there's some risk with those suppliers. So absolutely, it's a I, but it's a I as the underlying element that brings out what we call community intelligence. And that's what's what's so powerful >> and the community as well, another really kind of under town that I felt and heard this morning from us. It's a community of collaboration, thes air, other businesses benefiting from what others have learned suppliers as well. So the customer centric city, the supplier central city, is there. >> Absolutely. It's all about this community concept, and we have well over 1000 companies that we've helped spend smarter, effectively and their community because these customers air sharing both in person and online, best practices, ideas for doing things differently, ideas for stretching this space beyond where it's ever been before, and that's really rewarding and every individual customers getting the benefit from that. Eso This community is developing very, very nicely, and it's serving the purposes of establishing this category, this new category of businessmen management, that world driving toward >> talk about that because that's something that's pretty innovative for Cooper. Business SPEND MANAGEMENT The role of procurement has changed. The role of finance has changed. They have the opportunity to become very strategic and really drive top line value. Talk to us about business, spend management What it means, how Coop is defining it >> absolutely well. First of all, any person I am in the world, and I've been asked this question for well over a decade. Now, do you think your company is doing a great job in managing its spending on older business needs that the company has, and you never get a resounding positive answer that, yes, we're doing a great job. And if you ask them, are you applying information technology to that problem in an effective way? The the answers or even worse? So we are attacking this full on with our customers in establishing the space, and that means everything from procurement expense reporting to invoice processing, two payments strategic sourcing, spend analytics supplier management contract lifecycle management. All of these application areas working together in concert help companies get their arms around spending and manage it in a much more smart way. And that's what this is. This is all about. >> One of the biggest challenges is you think about poor I t. Because every every line of business, whether your marketing, finance or engineering anything. Oh, engineering. I want to use lock. Start using flack. Marketing wants to use salesforce market Whatever these tools are in, suddenly this proliferation of shadowing T that's right and challenging to manage. But you can imagine how many supplier contracts are being duplicated triplicate, ID and even within the same organization, not getting the ideal price. So one of the great things big announcement today is the expansion of the relationship with Amazon in the AWS marketplace and wow, c I ose I t folks are gonna be able to do >> a lot >> through the Cupid platform. Tell us >> girls, that's right. Well, first of all, it's powered by an open by technology that we've developed, which allows you to have a very seamless experience. It's a purchasing experience that feels just like you're out on the Web, looking for any kind of item that you'd like to buy. But now you'll be able to subscribe to Service Is Cloud based. Service is through the Amazon AWS marketplace, and these Air service is that obviously would be approved by your CEO be approved by the folks involved in checking that it's secure, approved by legal and also approved by procurement So you can procure these cloud based service is very, very seamlessly right out of Cooper into AWS marketplace and back. And we think it's going to allow for obviously more volume of controlled spend, but also visibility into that spends. So it's properly matters >> that visibility is. You know, it's a word that we use in so many different applications. We don't want better visibility in our lives. In general, that is not easy to achieve. You talked about kind of these four core categories. You actually mentioned Maur that Cooper delivers its procurement, its invoices, expenses that can imagine travel management contingent workers getting an organization, whether it's a big organization like a staples or a smaller organization, that visibility is massively game changing. >> Yes, I think so. And I think one of the things that allows us to view that is we've really empowered the central hub organizations. Many the ones you described to roll out platforms to the end users all over the country, all over the world, wherever these people have employees to take control over spend. But have that Spence still routed to preferred, contractually righteous kind of spend categories that give them the results that they want. So this is a platform that is getting wide, wide adoption. And I'll tell you one of our application areas. We've seen more than a three x acceleration in the number of users over the last one year simply because of the adoption is so broadly accepted. And that has to do with our design and technology. Make it very, very usable. Our design concept of the best, you wise. No, you are right. So that's really how we're getting to where we're getting with a customer committee >> Adoptions challenging, you know. And there's if you look at the number of applications that an organization has a gonna work our list of sites, there's a lot and they're only effective if they're being utilized effectively by all of the folks that need to be doing that talk a little bit more. I love how you in your general session this morning shared with the audience. What c o u P a. Each acronym means. But and I saw that on the website best. Do I know you? I know what are some of the things that you think Cooper is doing really well that are really facilitating that adoption. That's again, that's hard to achieve. >> Well, it's in each of the letters in Cooper. So first, a comprehensive approach. That's what the C stands for. So cover every area of spend in one platform. We've never seen that before in the history of enterprise software, about a lot of siloed solutions all over the place, people trying to integrate them. We've put this all on one comprehensive platform. Secondly, doing it openly. That's what the old stands for. So being able to integrate to any ear piece system integrates a whole host of systems you mentioned slack earlier. We integrate into slack you could approve or reject spent purchased directly and slack. You have to get out to Cooper to do it, but you're doing it. The date is captured in Cooper. You is the user centrist city, so putting all the weight on the application itself and less of the weight on the employees themselves. Right now, we support guided buying with support all these capabilities, but our focus is on. You don't need any guidance in the future. Should require in the gun she should be. It should be so intuitive. The P stands for prescriptive, and this is using this community. Data we were discussing earlier to give real prescriptive advice. Teach customer, but how they should be spending or best practices, expenditures or benchmarks of how they could approve in the A stands for accelerated. It's the time of deployment. We're getting our customers live in a matter of months. They're accelerating their business process internally. I shared a stat that our customers in the last 12 months have improved the speed of their approvals by 30%. That's an aggregate. That's millions of millions, hundreds of billions of dollars in spend buying. So these five there is really differentiate us and they're really the vision areas that we focus on is a company with our with our community of customers. >> I was looking at some of the numbers from Cooper. You guys have consistently managed to grow revenues over 40% your rear in your fiscal year. 20 Q one earnings, which was just what last month or so. So revenue up 44% year over. You're crushing Wall Street's estimates by more than a 10 point gap. Lot of moment in, As you mentioned, let's talk about customers because at the end of the day, that's what you're all working towards. I know some of your proudest moments are when you get to talk with customers whose businesses have been transformed and you're giving them that the ah ha moments all the time. I love this morning how there >> was a lot >> of the voice of the customer covered there from so many different industries. The impact that you guys are making it Rolls Royce, for example, and MasterCard massive. Tell me some of your favorite stories that really articulate the breadth and depth of the value that delivers. I >> love it when the story begins in a situation where the CEO or CFO of the company don't necessarily get it, but somebody within our community steps up and shows them the business case of what we could achieve together. And then we, as a team is a collective unit delivered on achieving. Looking at was on themselves. I mean, they're processing more than $2,000,000,000 a month >> through our platform. I >> mentioned Procter Gamble. It process more than $50,000,000,000. Star Platform. Now >> these air, >> not initials. These were early adopter customers. They didn't have to go in our direction. There was some individual in that company that saw the spark of opportunity seized it, got it approved and worked with us hand in hand to drive it. And that's the stories that I love the most. And I shared so many of them this morning, but there are literally hundreds of them. All over the world in this community were cultivated. >> There are, and it's that's I think there's no bread or brand value that you can get Van it being articulated from the voice of a successful customer who it's not just normal, agile. We're saving money. It's no, we're driving shareholder value. There are significant business imperatives that are being driven because procurement is changing. We got to react to pricing pressures and forces like consumer ization. You know, we think of way have these expectations as consumers private lives, of getting anything that we want within a day when it shows up, you forgot what you ordered. It was that fast. That's right, what you guys are doing to enable the business buyers to have that same capability in their business lives. But to get that visibility, that 360 is really interesting. >> And the key also is to handle all the complexity on the back end for them. I could tell you so many companies I know that a really proud of crossing their paper based invoices very, very quickly, but they may not even know whether or not they got the goods of service is for which they're paying the invoice. So we do all of that heavy lifting on the back end on the platform itself, alleviating then users from that complexity and allowing them to have the experience that's similar to the one that that you just described >> can imagine how much money is being wasted on paper. They probably have absolutely no idea, absolutely no idea where you guys launched an Index. The Cooper Business Spend Index Just, I think, a month or two ago this is behavioral based data that you're bleeding from your community. Talk to us about the coupe of business spent index and some of the insights that you're already uncovering about the economy. >> Absolutely so. One of the things about this business spending nexus. It's something I've been thinking about frankly for over a decade. Can we collect enough data that's statistically significant enough actually be a leading indicator to future economic sentiment. You think about the data. We're looking at an aggregate. We know the average spend companies have per employee. We know how long approval cycles are, and we know the changes in those approval cycles. We know what percentage of spend is actually being rejected. Verse accepted at a moments notice aggregated those air in combination are leading in the Kidder's to the sentiment that companies have about the future of the economy. So we backwards tested this index that takes an account, these three elements that just described back to 2016 and it's proven to show pretty strong correlation with the way the economy actually played out for many of those quarters that many of those quarters. So last quarter we released our first verse, our first data set of the business spending. Next. And it showed that future economic economic sentiment for the next 3 to 4 months is actually very positive now, in some industries, more than others. But now, with three months later and clearly, the last three months have been pretty strong. So we're gonna be soon releasing our next quarterly Businessmen index. And we're gonna be doing this every quarter. Try to provide the business community with insights about where things are going. That's what everyone of business wants to know, where things are going, not where things have been. And we think we're in a unique position to share that and also, you know, sort of unfairly build awareness for brand out there so that people understand >> what we're all about. >> But that's that's critical. I'm gonna be talking to China tomorrow. You think of awareness Acquisition? Yes, Yes. Advocacy. Yes. Check, Check. Check. Old three. Those are critical last question robbery. As we look at the impact that procurement and getting this visibility of all of the distances spend can have on the business. Where is it as it relates to enabling businesses to digitally transformed >> to be competitive? Well, look, underlying all of this is the digital transformation that's happening for every company in every industry, without a doubt. But the use cases we support us so quantifiable. That's so clear not only in terms of cost savings that only in terms of compliance only in terms of visibility and getting your arms around spent actually drive revenue as well. If you do spend management effectively, you can change the way consumers experience your brand. And I shared a number of those stories. MGM resorts to Lulu Lemon to the Leukemia and Lymphoma Society and others. If you can get your arms around the spent and get people in the company, the goods and service is they need in record time. They're better position to express the company's vision to help them push towards an incredible iconic customer experiences. And we're just so proud to be ableto power that for this fast growing community of customers around the world, >> such an exciting time. Rob, thank you for having to queue, but inspired 19. It's been great. It's for looking forward to talking with lots more of your of your folks as well as amazing innovators and thinkers like Susie Orman and Deepak Chopra. Wow. Awesome stuff. Thank you. Well, thanks for having us. Thank you. All right. For Rob Bernstein. I'm Lisa Martin. You're watching the Cube from Cooper Inspired 19. Thanks for watching.