With multiple savings projects running simultaneously, tracking and achieving the desired savings targets can get difficult. GEP SMARTTM makes it easy to plan, execute and track all your cost-saving initiatives, bringing all the information you need into a single, intuitive interface.
Plan and roll out discreet savings projects or an entire cost-reduction program. Define scope and establish savings targets for every strategic sourcing program. Create and manage milestones for each initiative. Capture results and measure savings performance. Get real-time visibility of all your negotiated savings. Validate realized savings with finance and other stakeholders.
GEP SMART provides a life cycle view of your cost-saving activities — from ideation to execution to realization — in neatly organized, customizable and user-friendly reports.
SAVINGS TRACKING SOFTWARE
Get a comprehensive overview of your savings pipeline, anytime, anywhere, on any device. GEP SMART allows you to easily build, track and manage your savings pipeline by collaborating with team members and stakeholders in real time.
Initiate new savings projects based on opportunities identified through spend analysis. Ideate and discuss them with colleagues. Define the scope of your savings initiatives. Establish estimated spend and savings targets, then define milestones based on when you expect to negotiate and realize those savings. Create teams, assign resources and roll out new savings projects. Then track them easily as you negotiate and realize savings through the year.
Get complete overview of your savings projects throughout their life cycle, with real-time, enterprise-wide savings visibility for better, more informed business decisions
Seamless Data Integration
Automatically consolidate data from auctions, RFx and contracts to identify negotiated and realized savings in real time. No need to enter data manually or maintain multiple sheets
GEP SMART is a cloud-based platform that helps you identify, initiate and launch new savings projects in collaboration with colleagues across functions and locations
Complete Savings Visibility
Get real-time visibility into all types of savings across the enterprise — cost avoidance, cost reduction, signing bonus, rebate and gain share — with just a few clicks or taps
GEP SMART lets you evaluate the performance of all your cost-saving projects across the enterprise by comparing with historical savings data and other savings baselines
Capture actual purchase and invoice activity automatically and track performance against targets. Convert projected numbers into realized savings validated by finance
See What You Can Do
Identify, initiate and launch new savings projects in collaboration with colleagues across functions and locations
Establish estimated spend and expected savings for projects and set timelines to achieve those targets
Set custom risk levels to track delays and reduction in realized savings at a category, SBU, region, or at a project level
Automatically consolidate data from various sources to identify and report negotiated savings
Configure time- and event-based alerts and reminders to manage projects effectively
Get approval on realized savings from finance and other stakeholders through a customized, automated approval workflow process
Why GEP SMART
GEP SMART includes a comprehensive set of procurement savings tracking and forecasting tools that enable CPOs, CFOs and other enterprise stakeholders to track and compare realized savings with estimates, anytime, anywhere from any device. Seamlessly pull in data from GEP SMART or any third-party procurement software. Automatically render meaningful, high-impact reports in easy-to-use, customizable dashboards.
And because our savings tracking functionality is a native part of a larger, unified sourcing and procurement software platform, GEP SMART can help you roll out and effectively manage a single cost-saving initiative or enterprise-wide programs concurrently.
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.