Managing savings projects has traditionally been a spreadsheet exercise. How else can you collate all the data and analyze it all in one place?
To understand whether your strategic sourcing plan is on track for a category, you need to know what you have spent in this category in the past and with which suppliers. You’ll have to identify the potential savings opportunities. You’ll need to know which suppliers have been invited to which sourcing events, and how their offers stack up against your savings targets. Then determine whether the contracts you sign with your chosen suppliers are in line with your plan.
Not just that, you’ll have to verify if the ongoing purchases in this category are in compliance with the contracts you’ve negotiated. Then check any maverick spend that can be rationalized. You would also need visibility of which suppliers are adhering to the agreed terms and which ones need help to keep your project on track. With a different system handling each requirement, it’s no wonder that procurement professionals have been forced to gather and analyze all this information using spreadsheets.
Not anymore. GEP SMARTTM brings all that activity and intel into one place — on your desktop, laptop, tablet, or mobile phone. Your strategic sourcing events, contracts, suppliers, and purchase orders are all linked to your savings projects, and your dashboard can tell you — at a glance — how each project is performing. So what you’ll get are actionable insights, not just savings data. Now that’s a smart way to save.