Spend Management Software

Effective spend management means managing the end-to-end procurement process — from opportunity to savings realization. It means identifying organizational spend that must be brought under management, building a strategic savings plan, and actively taking control of that spend to drive realized savings.

SMART by GEP is a unified, procurement software platform that delivers comprehensive spend management capabilities, including spend analysis, contract management, category management, savings tracking, supplier management, sourcing and procure-to-pay. 

Bring More Spend Under Management

SMART by GEP features powerful spend analysis functionality, offering real-time spend visibility along with historical data to help you establish spend trends and conduct opportunity analysis to identify savings opportunities. But it doesn’t end there — SMART by GEP turns potential savings opportunities into structured savings projects, with clearly defined milestones and performance metrics.

SMART by GEP’s sourcing tools help you do more than just publishing RFPs and running auctions. Each sourcing event is a milestone linked to your savings projects. At the end of every sourcing event, you can capture actual performance, measure against savings targets, and then report it to all the stakeholders.

Flip sourcing events — with winning bids and suppliers — into contracts at the click of a button, ensuring that the contract is based squarely upon the terms offered, to bring that spend under management. Getting the contract right, in line with the savings project, is the key to turning a procurement process into a spend management process.

Drive Results that Matter

SMART by GEP’s contract management function ensures that all the hard work that goes into negotiating optimal contracts effectively translates into realized savings. Supplier management functions can, from day one, build a program of performance measurement, feedback and action plans designed to ensure the goals for the project are realized.

SMART by GEP’s procure-to-pay functionality drives more compliant purchasing, in line with your strategic spend management plans. As a single unified platform, SMART by GEP can reveal uncontrolled, unmanaged spend based on reports and business intelligence drawn from all procurement activity across the enterprise. Compliance dashboards reveal how much spend is managed and compliant, and how much of it is yet to be brought under management for any category or commodity.

"We use SMART by GEP across our 500 business units, providing everyone in procurement and finance full visibility of everything we’re spending, allowing them to search for opportunities."

– Scott Hardiman, Manager, Spend Analytics & Market Intelligence, ITW

FAQs

SMART by GEP is a unified, procurement software platform with end-to-end source-to-pay (S2P) capabilities, comprising comprehensive spend management tools, such as spend analysis, strategic sourcing, savings tracking, contract management, category management, supplier management, and procure-to-pay. With these spend management tools, SMART by GEP automates all sourcing and procurement processes – from sourcing to payment.

SMART by GEP spend management platform features a comprehensive sourcing functionality that can help enterprises engage with the right suppliers across spend categories to drive best-value deals aligned with strategic sourcing milestones. Using the e-sourcing function, users can collaborate across offices to evaluate suppliers, author RFPs, streamline RFx-to-award cycles, and execute sourcing events like e-auctions. Once the sourcing process is complete, SMART by GEP allows you to quickly convert winning bids to negotiated contracts that buyers can use to make compliant purchases.

SMART by GEP’s spend analysis function helps users identify savings opportunities and launch new savings projects. Users can establish estimated spend and savings targets, then define milestones based on when they expect to negotiate and realize those savings. Our spend management system includes a savings tracking functionality that allows users to build, track and manage their savings pipeline by collaborating with team members and stakeholders in real time. Users can also leverage our spend management platform’s savings dashboard, performance benchmarking and savings validation capabilities to manage their spend more effectively.

Yes. With SMART by GEP users can manage both direct as well as indirect spend. GEP’s category experts work with you during the configuration of the system to ensure your business processes and use cases for all categories are mapped to the system.

The SMART by GEP spend management platform is designed to facilitate intuitive navigation and is simple to use. It enables users to drive significant savings and performance with little or no training required. However, we do provide all training and onboarding support to all new users.

Yes, users can purchase goods based on specific business rules through the SMART by GEP’s purchasing function. Automated req-to-order processes can be managed through the configuration of multiple variables, such as spend limit, category and business unit, etc. Authorization and approval workflows are completely configurable to your business. Users can also use pre-approved catalogs (in-house or punch-out supplier catalogs) for purchasing. They can compare across different suppliers or lines, fill shopping carts, and place easily trackable purchase orders.

SMART by GEP is designed to accommodate even the most complex spend management processes. The platform can be fine-tuned and configured to your spend management workflow.

Yes. SMART by GEP can collate spend data from multiple source systems. It goes a step further and enriches it through data cleansing, data classification and data validation processes before presenting it as a single dataset. SMART by GEP will also integrate with all your major back-office and ERP systems, bringing your entire spend system together.

Of course. We understand that supplier information, spend data, contract documents and other business-critical, confidential data must always be kept secure. SMART by GEP is native to the market-leading Microsoft Azure cloud platform that provides unmatched, multi-layered data security and is a lot safer than any behind-the-firewall software available on the market.