Spend Analysis Software
A successful strategic sourcing program begins with comprehensive spend analysis. Without adequate and real-time spend visibility, launching any strategic sourcing initiative is like shooting in the dark. SMART by GEP® cleanses, validates, classifies and reports spend data from all your source systems. The result is accurate, actionable information, with granular, item-level visibility across the enterprise.
And that's critical to your procurement team's success in streamlining strategic sourcing waves, reducing maverick spend and realizing substantial savings.
"We work with a number of suppliers with payment terms that vary with company and business unit. SMART by GEP’s spend analysis tool has helped us normalize our payment terms across the supply base, and drive a lot of value and savings."
- Ron Dreher, Manager, eSourcing, Masco Corporation
SPEND ANALYSIS SOFTWARE
Spend analysis technology in SMART by GEP provides comprehensive, enterprise-wide spend visibility with in-depth analytical reporting and business intelligence along with savings tracking and savings opportunity identification tools on a cloud-based, mobile-native platform that you can access anytime, anywhere from any device.
Unlike other spend analysis platforms that offer little more than reporting from your ERP or AP systems, SMART by GEP automatically integrates and transforms the source spend data from all key systems across the enterprise into a single dataset. This data can then be easily classified and interrogated to support activities like spend management, supplier management and savings project management, among others, in the entire source-to-pay cycle.
See What You Can Do
Customize rich, multi-dimensional reports by supplier, business unit, price variance and more
Get detailed information on suppliers with optional enrichment from third-party sources for easy vendor classification
Analyze spend across global locations with built-in multi-language and multi-currency support
Create, export and mail reports, charts, graphs and data extracts in any format (Microsoft Word, Excel, others)
Get fresh market intelligence and real-world inputs from GEP's strategic sourcing and category experts
Automatic correction of supplier information with parent/child linkages for supplier normalization
Why SMART by GEP
SMART by GEP identifies new opportunities for savings using real-time market intelligence and insights from GEP's industry-leading strategic sourcing and consulting services teams. No other tool can provide that kind of tangible value.
Using artificial intelligence, proprietary algorithms, and feedback from hundreds of complex engagements, SMART by GEP learns, continually sharpening its output against even the most idiosyncratic taxonomies.
And because the spend analysis functionality is a native part of a larger, unified procurement platform, SMART by GEP makes it easier to streamline strategic sourcing waves, reduce maverick spend and realize substantial cost savings.
Unlike other spend analysis tools that are able to use data only from a single ERP or AP system, SMART by GEP collates spend data from multiple source systems and enriches it through data cleansing, data classification and data validation processes before presenting it as a single dataset.
The improvement in data accuracy and enterprise-level spend visibility achieved by deploying the SMART by GEP spend analysis system helps enterprises identify key suppliers, evaluate pricing trends and identify savings opportunities in addition to identifying non-contractual spend and reducing maverick spend.
SMART by GEP’s spend analysis capabilities are not tied to any one particular taxonomy and customers can choose to use one preferred or multiple taxonomy standards, including industry-specific UNSPSC, SIC Code, or any enterprise-specific taxonomy.
Yes. SMART by GEP has inbuilt multilingual capabilities covering all major European and Asian languages. Data from all sources and in all languages and currencies can be included to provide real global spend visibility.
Yes. The same spend analysis tool can be used across multiple geographies and business units. The software facilitates 360-degree spend visibility for stakeholders across every business unit or geography, increasing transparency and enabling cross-functional collaboration.
The time required to implement SMART by GEP’s spend analysis function is different for every case. It largely depends on the volume and complexity of the raw data, and the number of source systems.
Yes. SMART by GEP is a unified, cloud-native procurement platform capable of automating not just the spend analysis operation but the complete source-to-pay (S2P) cycle – from sourcing, and purchasing to contract management and savings tracking. Customers do not have to subscribe to the entire platform or just be limited to single-function, stand-alone applications that you might find in on-premises software. Choosing SMART by GEP means can you can take advantage of every function of the unified procurement platform or just the ones you need for your organization right now.
SMART by GEP’s spend analysis tool allows 360-degree spend visibility. Reporting is provided in three ways, through customer-defined graphical interactive dashboards that give great immediate insight into spend patterns, pre-defined detailed reports that can be run on a scheduled basis or on demand, and an in-depth spend reporting tool which provides for ad-hoc deep-dive reporting across all the dimensions of spend in your enterprise.
There is no limit. The analysis also depends on how frequently you refresh your spend data. Using SMART by GEP, customers automate their spend data management following which they can pull up ad-hoc reports and analyze spend data as frequently as they desire. If you would like to more about the optimal spend data refresh cycles for your organization, please contact us .
Yes. You do not need to “work on” your data before providing it to SMART by GEP. The SMART by GEP procurement platform has inbuilt capabilities to enable data cleansing, data consolidation and data validation. With each data refresh, the cleansing, classification and validation process is accelerated as our system increases its understanding of your data.
No. Users are classified as “Power” or “Business” users. Power users are able to create and publish ad-hoc reports and Business users have report and dashboard viewing rights. Your subscription to SMART by GEP will include a certain number of Power users and unlimited Business users.
The spend cube is a review of spend data presented as a multidimensional cube. The dimensions usually reviewed include: sub-categories or variants purchased across the organization, stakeholders or departments buying the category and comparative spend with different suppliers.