What is forward commitment procurement?
Forward commitment procurement (FCP) is a procurement tool aimed at procuring innovative goods and services in the future and managing the associated risk. It is widely used in the public sector, where objectives such as developing a vaccine for a disease are not met due to a lack of adequate resources or funding.
The FCP methodology warms the public and enterprises to innovative investments by combining progressive thinking and industry best practices. It breaks the demand barriers to innovative products and services so those goods may cost-effectively be brought to the market.
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GEP SMART is an AI-powered, cloud-native source-to-pay platform for direct and indirect procurement. GEP SMART offers comprehensive source-to-pay functionality in one user-friendly platform, inclusive of spend analysis, sourcing, contract management, supplier management, procure-to-pay, savings project management and savings tracking, invoicing and other related functionalities.
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