Real-Time Sourcing Auctions with SMART by GEP

An auction can be a highly effective sourcing tool, if used right. Either as part of a sourcing cycle or simply as a standalone cost-reduction exercise, an auction, when executed effectively, can help bring greater value and transparency to the sourcing process. 

With SMART by GEP, an auction is just another sourcing event, but with a real-time bidding strategy at its heart. There is no separate auction tool to log into. Just create an auction in the same way you would create an RFP and enable real-time bidding to organize an auction. Support for lotting strategies, extension rules, safety nets, and numerous advanced features give you complete control over your auctions to help you drive best-value sourcing, always.

And because SMART by GEP is a unified source-to-pay platform, auction preparation and monitoring is a breeze. For example, you can pre-qualify your suppliers with a qualification questionnaire, using SMART by GEP’s Supplier Information Management function. Then automatically select qualified suppliers to initiate a Request for Information (RFI). Suppliers who meet your criteria for participation in the Request for Proposal (RFP) stage can be automatically downselected to the RFP stage. Shortlisted suppliers can then be invited to the final auction stage for real-time competitive bidding.

All your sourcing events in the cycle can be linked together, giving you the flexibility to decide the best sourcing strategy for achieving the results you need.
 

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GET UP-TO-DATE, ACCURATE AND RELIABLE SUPPLIER INFORMATION WITH SMART BY GEP SUPPLIER MDM

Spend Analysis ToolMulti-System Integration
Multi-System Integration

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.

Savings Tracking ToolData Integrity
Data Integrity

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.

Sourcing ToolIterative Processing
Iterative Processing

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.

Contract Management ToolWorkflow & Administration
Workflow & Administration

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.

Supplier management ToolVendor Master
Vendor Master

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.

Purchasing ToolLive Supplier Record
Live Supplier Record

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.