GEP SMART simplifies the management of multiple savings projects by consolidating all essential information into a single, intuitive interface. Easily plan and execute your strategic sourcing program, from discrete projects to comprehensive cost-reduction initiatives. Define scopes, set targets and manage milestones with ease. Track and measure savings performance in real time, and validate realized savings with finance and stakeholders. GEP SMART provides a complete lifecycle view of your cost-saving activities, presented in customizable, user-friendly reports.
Do More with Savings Tracking Software
Access your savings pipeline anytime, on any device, with GEP SMART. Build, track, and manage projects in real time using collaborative tools. Define new savings projects after spend analysis, set targets and milestones, assign teams, and monitor progress to achieve annual savings.
Savings Dashboard
Gain a comprehensive view of your savings projects, enhancing decision-making with real-time, enterprise-wide visibility
Seamless Data Integration
Automatically amalgamate data from auctions, RFx, and contracts to track negotiated and realized savings without manual data entry
Collaboration Platform
GEP SMART streamlines the initiation and management of savings projects across various locations and functions
Complete Savings Visibility
Access real-time insights into all savings types—cost avoidance, cost reduction, bonuses, rebates, and gain sharing—with ease
Performance Benchmarking
Evaluate your cost-saving efforts enterprise-wide by comparing them to historical data and established savings benchmarks
Savings Validation
Automatically record purchase and invoice activities, tracking performance against targets and validating realized savings with finance
See What You Can Do
- Collaborate with colleagues to identify, initiate, and launch new savings projects globally
- Set project budgets and timelines to meet expected savings targets
- Assign custom risk levels to monitor delays and savings shortfalls by category or region
- Consolidate data automatically to track and report negotiated savings
- Use alerts and reminders for effective time and event-based project management
- Automate approvals for realized savings with a customized workflow
Why GEP SMART
GEP SMART, a unified procurement software platform, offers comprehensive tools for tracking and forecasting procurement savings. CPOs, CFOs, and other stakeholders can compare realized savings with estimates from any device. Seamlessly integrate data from GEP SMART or third-party software, and automatically generate impactful reports via customizable dashboards. Whether managing a single cost-saving initiative or multiple programs, GEP SMART streamlines your procurement processes effectively.
Frequently Asked Questions
Yes. With GEP SMART, each and every savings project can be tracked and monitored. The software puts together all the information you need in a single, intuitive interface and presents it in an easy-to-interpret format. So whether you are running one cost saving initiative or thousands of them, you can monitor their progress in real-time and gain granular visibility to drive each project from planning to realization.
Every type. Be it cost avoidance, cost reduction, signing bonus, rebates or gain share – with GEP SMART’s savings tracking function, you can track, monitor and capture real-time information on every type of saving initiative across the enterprise.
Yes. With GEP SMART, you can not only have separate savings projects for each category or item, but also have savings projects for regions, or business units, each with similar or unique permutations of strategy, scope and scale.
Your strategic sourcing events, contracts, suppliers, and purchase orders are all linked to your savings projects, and GEP SMART’s savings dashboard gives you complete visibility of all your savings projects, across the enterprise. From a comprehensive overview of your savings projects, you can dive deeper to gain insights into any particular set of savings project or individual savings projects. The software also calculates and informs you about the projected savings to help you make corrective changes if needed. The GEP SMART savings dashboard can also be customized to display specific savings data every time you visit the dashboard.
All your stakeholders in procurement, finance and the enterprise have complete savings visibility on their own dashboards, and can monitor the actual savings performance against plan. With GEP SMART’s advanced analytical reporting capabilities, you can also create specific reports, graphs and charts, etc. with information that suits your requirement and then publish them to your team and other stakeholders.
GEP SMART lets you identify seasonal purchasing trends, regional variances and long-term growth in category spend, and benchmark your actual performance against previous savings projects. Based on these inputs, you can identify opportunities and launch new strategic sourcing events. GEP SMART’s savings tracking tool goes a step further and helps you understand whether your strategic sourcing plan and the contracts you sign are aligned with your savings goals – it gives you insights on your past spend, suppliers engaged and potential savings opportunities. The software also verifies if ongoing purchases are in compliance with the contracts you’ve negotiated and also identifies any maverick spend that can be rationalized.
No. You don’t need to enter data manually. GEP SMART enables automated savings tracking – your strategic sourcing events, contracts, suppliers, and purchase orders are all linked to your savings projects. So data from auctions, RFx and contracts are automatically consolidated to identify negotiated and realized savings in real time.
GEP SMART’s savings tracking tool captures purchase data and processes invoice information to track the performance of savings initiatives against targets at each savings milestone. Using this information, projected numbers are converted into realized savings which then can validated by the stakeholders in the finance department.
