"We wanted a procurement technology partner who could evolve with us. Someone who's not just a procurement services expert but also offers a complete set of procurement tools. So that’s why we partnered with GEP as a single services and tools provider for us."
- Azhar Miah, Chief Procurement Executive, Kemper Corporation
SAVINGS TRACKING SOFTWARE
Get a comprehensive overview of your savings pipeline, anytime, anywhere, on any device. SMART by GEP allows you to easily build, track and manage your savings pipeline by collaborating with team members and stakeholders in real time.
Initiate new savings projects based on opportunities identified through spend analysis. Ideate and discuss them with colleagues. Define the scope of your savings initiatives. Establish estimated spend and savings targets, then define milestones based on when you expect to negotiate and realize those savings. Create teams, assign resources and roll out new savings projects. Then track them easily as you negotiate and realize savings through the year.
See What You Can Do
Identify, initiate and launch new savings projects in collaboration with colleagues across functions and locations
Establish estimated spend and expected savings for projects and set timelines to achieve those targets
Set custom risk levels to track delays and reduction in realized savings at a category, SBU, region, or at a project level
Automatically consolidate data from various sources to identify and report negotiated savings
Configure time- and event-based alerts and reminders to manage projects effectively
Get approval on realized savings from finance and other stakeholders through a customized, automated approval workflow process
Why SMART by GEP
SMART by GEP includes a comprehensive set of procurement savings tracking and forecasting tools that enable CPOs, CFOs and other enterprise stakeholders to track and compare realized savings with estimates, anytime, anywhere from any device. Seamlessly pull in data from SMART by GEP or any third-party procurement software. Automatically render meaningful, high-impact reports in easy-to-use, customizable dashboards.
And because our savings tracking functionality is a native part of a larger, unified sourcing and procurement software platform, SMART by GEP can help you roll out and effectively manage a single cost-saving initiative or enterprise-wide programs concurrently.
Yes. With SMART by GEP, each and every savings project can be tracked and monitored. The software puts together all the information you need in a single, intuitive interface and presents it in an easy-to-interpret format. So whether you are running one cost saving initiative or thousands of them, you can monitor their progress in real-time and gain granular visibility to drive each project from planning to realization.
Every type. Be it cost avoidance, cost reduction, signing bonus, rebates or gain share – with SMART by GEP’s savings tracking function, you can track, monitor and capture real-time information on every type of saving initiative across the enterprise.
Yes. With SMART by GEP, you can not only have separate savings projects for each category or item, but also have savings projects for regions, or business units, each with similar or unique permutations of strategy, scope and scale.
Your strategic sourcing events, contracts, suppliers, and purchase orders are all linked to your savings projects, and SMART by GEP’s savings dashboard gives you complete visibility of all your savings projects, across the enterprise. From a comprehensive overview of your savings projects, you can dive deeper to gain insights into any particular set of savings project or individual savings projects. The software also calculates and informs you about the projected savings to help you make corrective changes if needed. The SMART by GEP savings dashboard can also be customized to display specific savings data every time you visit the dashboard.
All your stakeholders in procurement, finance and the enterprise have complete savings visibility on their own dashboards, and can monitor the actual savings performance against plan. With SMART by GEP’s advanced analytical reporting capabilities, you can also create specific reports, graphs and charts, etc. with information that suits your requirement and then publish them to your team and other stakeholders.
SMART by GEP lets you identify seasonal purchasing trends, regional variances and long-term growth in category spend, and benchmark your actual performance against previous savings projects. Based on these inputs, you can identify opportunities and launch new strategic sourcing events. SMART by GEP’s savings tracking tool goes a step further and helps you understand whether your strategic sourcing plan and the contracts you sign are aligned with your savings goals – it gives you insights on your past spend, suppliers engaged and potential savings opportunities. The software also verifies if ongoing purchases are in compliance with the contracts you’ve negotiated and also identifies any maverick spend that can be rationalized.
No. You don’t need to enter data manually. SMART by GEP enables automated savings tracking – your strategic sourcing events, contracts, suppliers, and purchase orders are all linked to your savings projects. So data from auctions, RFx and contracts are automatically consolidated to identify negotiated and realized savings in real time.
SMART by GEP’s savings tracking tool captures purchase data and processes invoice information to track the performance of savings initiatives against targets at each savings milestone. Using this information, projected numbers are converted into realized savings which then can validated by the stakeholders in the finance department.