Procurement software seems to be the silver bullet that can solve common industry woes. These include antiquated workflows, long process cycles, inaccurate data, and supplier-related issues. Thus, getting the right procurement software is critical. A standard procurement practice is to strictly vet suppliers before closing a deal. Similarly, you must be cautious about choosing the best solution at the right price.
You might turn to low-cost subscription-based plans. However, they might turn out to be more expensive in the long run. Besides, flat-free pricing usually comes with a fixed set of features. In this setup, customers can either take it or leave it. But such an approach might be unfit for large enterprises with complicated systems.
To solve this problem, GEP SMART offers enterprise customers a complete source-to-pay platform. The software unifies key procurement activities in one umbrella. GEP SMART makes it easy for all stakeholders to manage the entire procurement lifecycle. Of course, doing so entails cost. In this pricing article, you’ll know how GEP SMART fits into your organization’s budget and what’s included in its quote-based plan. Thus, you can see if one or a combination of modules will be enough to solve your procurement challenges.
Automated platforms like GEP SMART belong to the fourth generation of procurement solutions. A McKinsey and Company’s roadmap for digitizing source-to-pay suggest that 60% of these processes can be automated. Even so, outdated technology is still commonly used in companies. For example, some organizations still use first-generation solutions like spreadsheets that date back to the 1990s.
Aside from that, one of the most common procurement problems is that 40% of businesses don’t have formal supplier contracts. This makes it difficult to objectively assess supplier performance. As a result, it could strain supplier relations when they under-perform.
GEP SMART lets companies overcome these issues with a state-of-the-art, cloud-based platform. All teams involved in the procurement process can have one view of the truth in this centralized system. From here, you can quickly create contracts and bids from templates. Also, you can track supplier performance using interactive dashboards.
These are just some of the features you can enjoy with a customized GEP SMART plan. Learn more about the software features with our pricing review below.
GEP SMART has intuitive features for searching and buying items from a catalog.
GEP SMART helps enterprises achieve digital transformation for their procurement systems. This cloud-native solution gives all stakeholders a 360-view of all supplier interactions. GEP SMART uses the latest technologies like artificial intelligence, advanced analytics, machine learning, and big data. Consequently, your teams can use intelligent dashboards and deep-level analytical reporting to power up their workflows.
The GEP SMART user base is made up of large multinationals in the Fortune 500 and Global 2000 lists. They belong to diverse industries, including retail, finance, and healthcare. But they have one thing in common. They were able to streamline complex procure-to-pay systems with GEP SMART.
The GEP SMART platform supports both direct and indirect procurement. However, most clients use it to administer indirect spend. Having all procurement activities accessible in one interface helps different teams collaborate more effectively. Access to historical data lets your teams analyze past performance and incorporate best practices for future activities. Such information is helpful as you move away from the traditional cost-savings approach to strategic sourcing.
GEP SMART works with popular enterprise resource planning (ERP), supplier relationship management (SRM), finance and accounting, and back-office systems. These include SAP and Oracle, which are two of the best 15 ERP systems for businesses. For easier SAP integration, GEP SAP ADAPTER lets users effortlessly transfer transactional documents from SAP to GEP. GEP SMART is built on Microsoft Azure, making it work well with other Microsoft products. Customers can also use GEP SMART APIs to build their own integrations with virtually any platform. Hence, it’s a viable option for companies who want a fully integrated procurement solution. Detailed GEP SMART Review
Detailed GEP SMART Review
GEP SMART offers quote-based instead of flat-fee pricing plans. To know more, you can request a business proposal from them. Simply fill out the form on their Contact Us page. For you to get a tailor-fit proposal, the form has questions about your company’s revenue range and industry.
A quote-based plan gives flexible options that you won’t get with traditional subscription models. A custom plan involves GEP SMART technology experts taking a look at your environment. They will figure out how the platform can fit your requirements and use cases. Just know that building custom configurations will affect the time it takes to implement the solution.
Deployment options will largely depend on your needs. You can buy the entire suite and completely digitize your workflows. Another option is to roll out only the modules that you need for the time being. This is especially true if you have multiple legacy systems. Usually, you need to drum up executive support before moving to a unified platform. For instance, you can roll out only the spend analysis module for your procurement or sourcing teams. Later, you can add more modules once you gain buy-in from all departments involved in your procurement process.
The GEP SMART solution embraces all aspects of your organization’s procure-to-pay process. Below are the different modules that can be part of your custom-built quotation.
GEP SMART makes it easy to manage thousands of suppliers at any point in your sourcing activities. The platform serves as a complete information repository. Here, suppliers can register and build supplier profiles. They can then participate in sourcing events. GEP SMART helps you to assess suppliers. You can ask them to upload certifications and other documents on the platform. In addition, you can also have them undergo risk assessment via third-party integrations.
Once you do business with them, you get visibility across all supplier activity. Dashboard and reporting tools make it possible to see qualitative and quantitative scorecards. Suppliers can address performance gaps by creating structured action plans.
A leading energy and utility company managed its large vendor base more efficiently with GEP SMART. Previously, they used a custom P2P solution. However, this did not integrate well with their systems leading to limited supplier visibility. Together with GEP, the firm embarked on a supplier onboarding analysis program. In just two weeks after project kickoff, they onboarded 70 hosted and six integrated suppliers on the platform.
Instead of getting a separate contract lifecycle management software, you can deploy GEP SMART’s contract management component instead. With this, you get a hub where you can store an unlimited amount of supplier contracts in one location. It gives you powerful contract authoring and execution tools to fast-track your source-to-contract workflow. In a few clicks, you can create a contract from a newly completed sourcing event. Avoid the hassle of creating contracts from scratch by using templates and repositories. Another time-saving feature is the ability to pull legal verbiage from existing documents. Also, you can get content from standard terms and clause libraries. There are also built-in redlining, audit tracking, and other tools. These help your legal team, and other stakeholders work smarter.
This module lets you seamlessly connect closed sourcing events to supplier contracts. The legal team of a Fortune 500 health care enterprise did exactly that. As a result, they enjoyed greater transparency and audit control over their bid and contract documents. They were able to make more than 640 contracts from the platform and migrate over 21,000 contracts to their GEP SMART system.
This module helps you quantify the impact of your savings projects in terms of hard cash. GEP SMART provides you with a collaborative digital platform. You can create, execute, and measure different savings projects. At the ideation stage, you can set savings targets and give tasks to team members. Keep track of milestones at the execution stage with time- and event-based reminders. Finally, at the realization stage, you can assess the effectiveness of your savings project. You can compare current projects with past ones and with other benchmarks.
With savings tracking, you can put your savings projects under one roof. This is possible even if the projects are in multiple currencies and languages and are scattered across business units. Such was the case with a global testing and certification agency that was able to launch 3,000 savings projects.
GEP believes that insight drives innovation. Thus, the spend analysis module enables you to make sense of your data. You can uncover pricing trends and take advantage of savings opportunities. Behind the spend analysis module is machine learning technology, which combines GEP’s industry experience with GEP Minerva. Minerva AI helps you reduce repetitive tasks and ensures you get accurate data. It can compile information from multiple sources, languages, and currencies. In addition, it classifies and normalizes your data. In the end, what you get is a single data set that paints a true picture of your business spend.
A global clothing and accessories retailer once struggled with poor data collection and consolidation capabilities. Their legacy ERP systems did not give them the data that they need. They wanted to automate data collection and keep their spending in check. With this, they deployed GEP SMART in 10 business units. As a result, they were able to deliver 95% accuracy for their spend analysis. Such visibility enabled them to better manage over $3 billion in yearly indirect spend.
The GEP SMART sourcing module gives your organization an enterprise-wide sourcing platform that you can use as part of your procurement management plan. In one system, you can manage simple requests for quotation (RFQs) to more elaborate bids with multiple rounds. Avoid recreating the wheel every time by building bid documents from templates and content repositories. When your bid is ready, you can quickly conduct real-time bidding and other sourcing events. Afterward, use the built-in bid scoring and analysis tools to see which supplier has the best offer. Finally, you can flip the winning bid into a contract. The system carries over the pricing terms and other relevant information into the contract template in just a few clicks.
A major hotel chain chose GEP SMART because of its robust sourcing capabilities. Although they have high transaction volumes, they could not use this to their advantage. Manual, disjointed procurement processes prevented them from doing so. With GEP SMART, they were able to set up a global procurement process. From the platform, they conducted over 300 sourcing events and executed over 3,000 contracts.
GEP SMART provides you with a purchasing hub that’s accessible and easy to use for all roles in your enterprise. You can easily flip a contract into a catalog in the same system. The guided buying feature gives the user quick links and buying suggestions. As a result, the user can find the item that he needs with minimal clicks. His shopping cart can then be transformed into a requisition and trigger rules-based authorization workflows. When it’s time to make the payment, multi-way document matching prevents errors. The system does this by comparing the order and the invoice and checking for discrepancies.
Automating manual processes helped a global financial services company gain better visibility to more than $100 million in annual expenditures. Before GEP SMART, their procurement team was too overwhelmed with cumbersome processes. Thus, they did not have the time to focus on strategic activities. However, they were able to streamline their process with GEP’s procure-to-pay technology. As a result, they now enjoy 99% spend visibility for all business units.
While GEP SMART modules are quote-based, special requirements might drive up the cost of the implementation. For example, the GEP SMART Spend Analysis Module supports an unlimited number of business owners. However, it can only support a given number of power users. How often you refresh your spend data and additional support for the sourcing module might also impact the price.
There are a couple of things you can do before bringing in technology to the mix. Firstly, take a look at the specific processes that you need to optimize. Secondly, review your policies and procedures for bottlenecks. This way, you have a better picture of how the software fits into your system. Don’t fall into the trap of buying software first and figuring things out later.
GEP SMART’s quote-based plan gives you a solution customized to your needs. To figure out if this software is right for you, take a look at our pros and cons review of GEP SMART. Also, you can see the solution in action by requesting a live demo from the vendor.
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