Establishing company values—such as trust, transparency, and accountability—can help ensure all stakeholders are working towards a common goal. But declaring those values is just the first step; companies must require that all stakeholders adhere to them.
“Stakeholders include anyone who interacts with [the company] through an entire ecosystem of suppliers, community, and employees,” says Rob Bernshteyn, Chairman and CEO of Coupa, which develops cloud-based software businesses use to manage spending on items such as consumer goods, food, and manufacturing.
Coupa’s platform tracks approximately $1.3 trillion of spend transactions. Behind Coupa’s platform is a team of employees who participate in monthly all-hands meetings to recommit to the company’s values: ensure customer success, focus on results, and strive for excellence, Bernshteyn tells Shawn Tully of Fortune.
Committing to company values inspires Coupa employees to continuously innovate for customers. “We motivate employees through rewards and evaluate annually on adherence to values…More than 300 new capabilities were built over the last 12 months, inspired by customers via interactions with employees,” says Bernshteyn, referring to how employees uphold company values by being customer-driven.
Watch the video above for more of Fortune’s interview with Bernshteyn.