Savings Project Management
Procurement has evolved as a function. It is no longer just a savings-only operation with a focus on bottom line cost management. Over the years, procurement’s focus has expanded to assisting business stakeholders achieve their top-line objectives through strategic category management and supplier innovation.
This means that procurement organizations have to make far more than incremental changes to their operating philosophy and performance, and elevate their role to that of a trusted business advisor — improving business agility, increasing influence and delivering greater value.
Of course, traditional goals such as reducing purchase costs, improving delivery performance and increasing stakeholder satisfaction still continue to be important, but today procurement must also build credibility and align with finance to deliver the results the business demands.
Drive Measurable Results
SMART by GEP makes this possible through its powerful and comprehensive savings project management capabilities. With fully configurable, rules-based approval workflows and the ability to capture and track data points unique to your organization, SMART by GEP becomes the hub of the collaboration and synergy between procurement and finance teams.
As with every other function, saving project management in SMART by GEP is backed by comprehensive savings tracking and reporting capabilities, delivering visibility, dashboards and vital intelligence to your stakeholders across the enterprise. You can launch, execute and manage all your savings projects — from opportunities to realized savings — using SMART by GEP’s savings project management function.
THE SMART by GEP ADVANTAGE
Validate your identified savings as genuine bottom-line results, track and review their bottom line impact. SMART by GEP lets you easily collaborate with finance on approvals with full visibility of progress, results and activity throughout the project
Build a strong and lasting alignment between procurement and finance with definitions for baseline spend, methodologies, and bottom-line impact on P&L. From cost reduction, rebate programs, sign-on bonuses and the like, get everyone on the same page
Build consistency and clarity in the relationship between procurement and finance through the use of a single reporting mechanism. Eliminate time-consuming, redundant activities, avoiding iteration and reworking of data to validate savings
Enable your finance and procurement team to measure top- and bottom-line impacts from M&A synergies. Generate a pipeline of integration initiatives and set up full integration management governance. Track and share benefits of M&A in real time
Set annual targets for supplier innovation, generate pipelines, target improvement areas, and establish stakeholder governance. Enable innovation-based collaboration between buyers and suppliers, track real-time financial benefits of each project
With customizable dashboards, reports and real-time visibility, deliver immediate business intelligence to your stakeholders in procurement, finance and other departments. Maximize ease of use with role-based access control and full report configuration