My company has multiple savings projects running simultaneously. Can I track all of them with GEP SMART?

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.

What types of savings can I track and capture using the GEP SMART savings tracking function?

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.

Can I have a separate savings project for each category or item?

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.

What information does the savings dashboard provide? Can it be configured to show specific savings data that I need?

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.

How can I share savings reports with the finance team and other stakeholders in the company?

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.

How does the savings tracking function help with my strategic sourcing events?

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.

Do I have to update the data every time a new contract is signed or a new purchase is made?

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.

How does the savings approval process work in GEP SMART?

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.

What is Contract Management? | Contract Management Process

Contract management is the process of methodically managing contracts with the intention of minimizing financial and operational risks and optimizing vendor performance. Contract management begins with the creation of a contract, and advances to other processes like establishing service level agreements, managing change, documenting change and analyzing contract benefits and compliance adherence. Learn more about contract management services and contract management software.

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