Procurement Cost Savings Validation
Knowing you can save on your spend in a particular category is one thing. How you go about realizing those savings and having them validated by your finance team is something else altogether.
SMART by GEP gives you a complete savings pipeline and tracking tool kit to not only identify potential savings and plan your strategic sourcing projects, but also to execute your savings plans, monitoring activity and compliance throughout their life cycle.
Capturing and recording results against plan is key to achieving the all-important savings realization. SMART by GEP is a collaborative platform that lets you create and manage your strategic savings plans. As you capture the results at each milestone, your stakeholders in the finance department can validate and sign-off on realized savings.
With full, 360-degree visibility of all your savings initiatives, you can monitor the gradual transition from planned to executed to realized and validated savings throughout each project’s life cycle. 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. Now that’s a smart way to validate your savings.