Integrate All Source-to-Pay Processes with SMART by GEP
The contract is at the heart of the procurement process. Everything revolves around the contract. The need to drive savings leads to sourcing. Sourcing leads to supplier selection and negotiation, and the offered terms are what drive the savings. These terms and conditions are captured in the contract, making it the foundation on which the savings are built. If all the purchasing and service delivery happens according to the terms of the contract, then savings realization is a given.
But, in reality, the terms negotiated in contracts — that can ensure savings — aren’t complied with, as buyers purchase “off the contract”, and savings quickly start to erode. Non-compliant or maverick spend, along with poor contract utilization lead to suboptimal savings – far from what the opportunity analysis promised.
The pricing and service levels you contracted to drive the savings, can also drift, if not carefully monitored. That’s where SMART by GEP comes in. The unified source-to-pay software platform ensures that the prices and terms agreed at the award are captured in the contract. The contract terms are as per your legal team’s requirements, and all the purchase orders raised with the supplier for those products/services are priced as per the contract. Any shift in pricing, delivery performance, or service level is flagged through supplier performance reporting. Contract compliance reports reveal any shift away from the plan that might affect the realization of projected savings.
A unified source-to-pay application doesn’t just make it easier to carry out each step in the procurement process. It creates a framework that ensures the savings you forecast end up being the savings you deliver. And with a unified platform for spend analysis, sourcing, savings tracking, contract management, supplier management, and purchasing, SMART by GEP helps you do just that.
Drive Greater Contract Utilization and Compliance with SMART by GEP
Contract management, often referred to as contract lifecycle management is about a lot more than contract document management. Throughout the effective term of a contract, its use and utility as part of a complete procurement process is often overlooked. SMART by GEP solves this challenge.
Procurement contracts formalize the negotiations made between the buyer and supplier at the sourcing stage of the process, and thereby become the source of the terms that are used for all future purchases using SMART by GEP’s procure-to-pay function. Every purchase, finds its way, as data, back into the enterprise spend analysis program. Reports of spend in each commodity can then reveal to what degree the contract has been utilized, and at what price.
SMART by GEP brings all this together in a single, unified software platform, making tracking and reporting so much easier and placing the contract right in the center of the source-to-pay process.
GET UP-TO-DATE, ACCURATE AND RELIABLE SUPPLIER INFORMATION WITH SMART BY GEP SUPPLIER MDM
SMART by GEP integrates seamlessly with existing enterprise systems — ERPs, SRMs or sourcing tools — to create new supplier records and update transactions. Supplier master data is validated and cleansed automatically while loading.
SMART by GEP’s Supplier Master Data Management tool automatically aggregates, cleans and normalizes supplier data records. It then compares the supplier master data to SMART by GEP's Vendor Master for verification and quality assurance.
Supplier MDM processes data in batch and real-time cadences. Real-time services execute at point of entry, record creation and updates. Batch services execute against existing supplier records during migration and initial integration.
Review actions taken by the Supplier MDM tool ensure enterprises have a single, trusted source of truth for all supplier data. Users can centrally govern master data using configurable business rules, enabled processes and workflows.
SMART by GEP’s vendor master acts as a trustworthy primary source for the master data records of every supplier in the enterprise. This ensures that the supplier risk and performance modules are consistently stocked with accurate vendor data.
Supplier MDM removes, duplicates and enriches records with verified updates, ensuring accurate and up-to-date data. It also provides holistic visibility into supplier history and performance across operating units, time, and geography.