The Best Procurement Software Solution — Powered by AI

Procurement software is business application software that is used to streamline and automate the procurement process within enterprises. It is also known as purchase-to-pay or P2P software.

Procurement software optimizes the entire procurement lifecycle of enterprises, from requisition to payment, helping them to effectively manage their procurement process or purchasing activity.

Procurement software as a service (SaaS) refers to the delivery model of any particular procurement software that is hosted on the cloud and provided to users or enterprises over the internet. The SaaS model implies that the procurement software platform is accessed and used by enterprises on a subscription basis.

The system offers advanced procurement functionality without the need for extensive on-premise infrastructure or significant upfront costs. At the same time, the procurement software provider or vendor ensures continuous software improvements and updates.

GEP SMART procurement software seamlessly integrates with all major ERP or back office systems to streamline and automate the end-to-end procurement process — from spend analysis and strategic sourcing, to contract and supplier management, all the way to savings tracking. Natively built in the cloud, it offers unmatched flexibility, security and scalability through a unified, user-friendly digital platform that boosts adoption and productivity.

GEP SMART is a unified source-to-pay procurement software, which means that unlike stand-alone procurement tools, it brings all the critical functionality — spend analysis, savings tracking, sourcing, contract management, supplier management and procure-to-pay — on a single platform, enabling automation and fluid exchange of data across end-to-end operations.

Yes. The GEP SMART procurement software can work with any F&A or back-end ERP system, such as SAP and Oracle. It can be easily integrated with both on-premises software as well as cloud-based ERP systems.

The implementation time of the GEP SMART procurement suite is directly linked to the complexity and scale of client operations. Some of the key aspects that can have a significant bearing on the implementation time include the number of users (using the platform), geographical locations (the platform will be used across) and the number of functions (the unified source-to-pay platform will enable).

Unlike other platforms that are not optimized for user experience and are complex to navigate, GEP SMART enables an out and out user-friendly and easy-to-navigate experience. It’s intuitive design and intelligent interfaces aid quick learning and adoption, thereby limiting the training efforts to a bare minimum. Read more about GEP SMART’s user-centric design.

A significant level of customization is possible with the GEP SMART platform. It can be configured to meet customer-specific requirements and use cases. Our technology experts work toward understanding your business needs and accordingly provide the necessary configurations and workflows to customize GEP SMART.

GEP SMART is designed to make working with customers a seamless experience. Here are its top three benefits to suppliers:
Single version of the truth: Suppliers and customers log in to the same system ensuring everyone gets the same view of the truth.
Self-service portal: Suppliers can easily update profile and/or product information, participate in sourcing events, perform negotiations and issue invoices, among a host of other actions.
Better interaction: Transparent buyer-supplier information exchange improves collaboration and promotes stronger business partnerships.

GEP SMART is native to the market-leading Microsoft Azure cloud platform that provides unmatched data security, scalability, responsiveness, uptime and performance along with easy implementation and timely, topnotch maintenance support — helping improve the effectiveness of your procurement process.

GEP SMART channelizes the full transformative power of new and emerging digital technologies like artificial intelligence, blockchain, RPA, big data analytics and IoT to deliver high performance and next-level results.

AI-powered procurement software — by combining advantages such as predictive power, intelligent automation and prescriptive recommendations — drives greater efficiency, insights and value across the procurement life cycle. Key capabilities and features of an effective AI-enabled procurement solution include:

Predictive Analytics: AI algorithms analyze spend patterns to forecast future demand, prices, budgets needs and supply risks ahead of time for smart just-in-time decisions.

Automated Workflow: AI bots handle high volume, rules-based tasks in the requisition, purchase order, invoice processing cycles automatically freeing up staff.

Intelligent Search: Natural language processing and image recognition by AI make searching for and comparing goods/services easier in order to find the best contracts.

Supplier Risk Assessment: AI evaluates risks associated with suppliers on parameters such as financial health, regulatory compliance issues and market events for risk mitigation.

Contract Lifecycle Management: AI tracks contract milestones, analyzes past agreements, and provides recommendations to optimize terms and pricing for renewal negotiations.

Optimized Mobile Accessibility: AI makes possible intuitive mobile apps that make it easy for users to approve purchase requests, query order statuses, chat with intelligent bots for real-time procurement support.

User-Friendly Interface: AI-enhanced interfaces such as flexible dashboards, interactive reporting, voice commands and conversational bots should facilitate straightforward navigation.

A procurement platform is an end-to-end solution that helps enterprises optimize and manage their procurement process. Advanced procurement hubs employ advanced digital environments that unify and simplify procurement activities ranging from provider sourcing to purchase execution and analysis. With AI-driven capabilities, procurement platforms can also automate and expedite processes like bidding negotiations and transaction processing. Enterprises can leverage procurement technology to drastically reduce repetitive manual efforts, errors across the source-to-pay (S2P) cycle, and at the same time cut costs. Other capabilities of a procurement platform include supplier management, sourcing, purchase order creation and tracking, and data reporting.

Automated procurement software systems offer several key advantages over their traditional counterparts. With faster response times and intelligent workflow management, they can drastically cut manual work by automating repetitive tasks, leading to substantial cost savings by eliminating errors and identifying opportunities to reduce expenses. With real-time visibility into spending patterns and supplier performance, automated procurement software such as GEP SMART enhances transparency across the procurement function.

With enhancements across the board, automated procurement software systems are scalable and capable of handling increased volumes with growth in business — thereby acting as a comprehensive solution to the complexities of modern procurement.

GEP's procurement platform is loved for its comprehensive suite of procurement solutions, which typically support international suppliers and multi-currency transactions. Key features that facilitate this include: 

1. Global Supplier Management: GEP's platform enables organizations to manage suppliers from various countries, ensuring compliance with local regulations and standards. 

2. Multi-Currency Support: The GEP SMART procurement software platform is designed to handle transactions in multiple currencies, which is essential for businesses operating in global markets. This feature helps streamline procurement processes and financial reporting. 

3. Integration with Financial Systems: GEP’s platform can easily integrate with existing financial systems to manage currency conversions and ensure accurate financial data across different regions.

GEP's procurement software ensures compliance by centralizing procurement activities, enforcing role-based access control, and automating compliance checks. The centralized platform maintains version control, enforces automated approval processes and allows for granular control over user access. Automated checks can verify transactions in real time, while comprehensive reporting and analytics can track compliance metrics and identify potential issues. By leveraging these capabilities, GEP's procurement tool helps companies maintain compliance, mitigate risks, and improve overall procurement efficiency.