Does your organization have a thorough understanding of spend? Yes? No? Maybe? The success of a sourcing program hinges on understanding your spend. Getting spend analysis right is key to cost reduction, process improvement and value creation.
Spend analysis services from GEP help leading companies across the globe identify — and realize — multimillion dollar savings opportunities previously unknown to them. Our spend analysis consultants have the same goals and measure success just as you do — through actual realized savings.
Spend Analysis Outsourcing – Why GEP?
Unlike most other spend management providers, we go well beyond sharing spend analysis reports with our clients. Our solutions generate real value with purchase data visibility that enables new, enterprise-level strategic input for procurement. And we don't just share insights; we focus on helping our clients understand their spend and become best-in-class.
With GEP’s Spend Analysis Outsourcing Services, You Can:
- Aggregate, normalize and enrich spend data
- Bring more spend under management
- Improve compliance
- Compare attributes across suppliers and commodities
- Understand fixed and variable cost drivers
- Boost savings from strategic sourcing initiatives
- Reduce sourcing cycle times
- Tap into the expertise of highly qualified consultants
What We Offer
Experience, Expertise and AI
GEP's industry-leading spend analysis consulting teams include category and commodity experts with an extensive range of capabilities. Apart from being seasoned professionals and veterans of top-level engagements, our consultants are fluent in cutting-edge spend analysis technology and go the extra mile to deliver success. That means not just making recommendations — our teams turn strategy into action and convert your targets into actual results.
GEP SMART Spend Analysis Software
Our spend analysis solutions are thorough and broad in scope. We collate spend data from various systems and organize it to derive actionable insights on enterprise purchase activity. We deploy advanced AI-based spend analysis software to attain an impressive 95% classification accuracy. GEP SMART, our cloud-based spend analysis tool, offers enterprise-wide visibility, in-depth analytical reporting and business intelligence, putting you on a faster path to understanding your spend. It lets you:
- Clean, validate and enrich spend data
- Instantly view line items or enterprise-wide data
- Optimize savings opportunities based on sourcing strategy
- Track savings and identify new opportunities
- Get access from any device, anytime
A Robust Spend Taxonomy
We help classify your enterprise sourcing or spend groups by categorical hierarchy, ranging from general to specific based on spend complexity. Spend taxonomies are crucial for data processing, including cleansing, classification and enrichment, as they represent line items within the specified structure. A weak taxonomy diminishes the quality of insights gained from spend analysis. The United Nations Standard Products and Services Code (UNSPSC) is a standardized classification system for describing goods and services without the need for supplier-specific codes. Some of the steps we recommend to build a robust spend taxonomy include:
- Define expected reporting outputs
- Use effective existing report classifications, discard underperformers
- Account for current and future needs
- Find the right level of detail
Talk to us today to develop the right spend taxonomy for your business.
The University of Michigan is a large, decentralized organization serving multiple missions – teaching, research, patient care and public service. GEP is helping Michigan be successful by diagnosing our spending patterns and working with us to develop new business processes and practices that will save millions of dollars that can be channeled back to our core missions.
Sr. Finance Lead
University of Michigan
