Transforming vast amounts of incomplete spend data from multiple sources into a coherent whole is a complex challenge. GEP SMART’s patented AI engine takes on this heavy lifting, combining human oversight, industry expertise, and a multibillion-record data set.
GEP SMART’s advanced AI for procurement examines every line of every invoice, leveraging available clues to classify spend with exceptional accuracy. The artificial intelligence procurement platform continuously learns and retrains, identifying exceptions and flagging data that doesn’t fit. This iterative process enables GEP SMART to build an accurate, reliable model of your spend.
Unified Procurement Platform
Spend Analysis
Advanced AI extracts real-time, deep insights from your spend data, enabling you to quickly understand spend and optimize savings opportunities based on your sourcing strategy.
Savings Tracking
Gain real-time visibility into cost-savings initiatives and their impact. AI eliminates redundancies and errors in data capture, tracking, and measurement.
Sourcing
Advanced AI capabilities streamline the evaluation and qualification of new suppliers, shortening the RFx-to-award cycle and helping you secure best-value agreements.
Contract Management
Generative AI reduces the time, effort, and resources needed to create, manage, and monitor contracts, boosting contract utilization and improving spend compliance.
Supplier Management
Generative AI strengthens supplier relationships by providing actionable insights to enhance negotiations, contract management, and dispute resolution, while promoting supplier collaboration.
Procure-to-Pay
Leverage AI to boost spend control through an intuitive, conversational purchasing experience, accelerate adoption, optimize compliance and shorten the req-to-pay cycle time.
Frequently Asked Questions
GEP SMART's AI engine goes through every line of every invoice with precision, classifying spend with exceptional accuracy by leveraging available data and continuously learning from patterns. This technology can identify exceptions and flag data that is not consistent with the defined parameters.
The iterative learning process empowers procurement teams to discover hidden cost-saving opportunities that traditional analysis methods often leave out easily.
Enterprises typically discover significant savings potential in tail spend management, where artificial intelligence simplifies intake processes and streamlines negotiations.
The AI-powered spend analysis platform's ability to analyze multidimensional data across the entire source-to-pay process uncovers optimization opportunities that procurement professionals can act upon immediately.
GEP SMART provides end-to-end, real-time visibility through interactive dashboards with customizable views of procurement activities. A central data lake feeds these dashboards, which provide a 360-degree view of direct procurement data across the supply chain.
The easy access to the data enables procurement teams to drill down, filter, and create specialized dashboards for each stakeholder. Users can also generate custom reports, charts, as well as graphs for deeper analysis without even leaving the platform.
These aforementioned real-time capabilities extend beyond basic reporting, with teams gaining instant access to sourcing, procurement, and spend data for multidimensional analysis. This immediate visibility enables users to respond quickly to spending patterns, identify variations in budget, and accordingly decide on keeping procurement activities aligned with strategic objectives.
The GEP SMART platform provides unparalleled levels of scalability and performance that enable the artificial intelligence engine to process vast amounts of data quickly and reliably, irrespective of growth in data volume or shift in market conditions.
GEP SMART's AI foundation continuously retrains itself to maintain accuracy as conditions evolve, learning from new data patterns and adapting its algorithms to reflect changing market dynamics and organizational needs.
GEP SMART's adaptive learning mechanism ensures constant improvement in spend classification and exception detection. And as procurement teams interact with the system and validate findings, the AI incorporates this feedback to further enhance predictive capabilities. The continuous improvement cycle leads to precise and useful insights that can help enterprises to stay ahead of market changes.
GEP SMART provides complete supplier lifecycle management with performance tracking and risk assessment tools integrated directly into the platform. This enables procurement teams to simultaneously evaluate supplier performance across multiple dimensions.
The embedded AI can quickly analyze historical spending patterns and supplier data to identify performance gaps and boost negotiation opportunities. Procurement teams can use these data-driven insights in decision-making on spending volumes, payment terms, and performance metrics.
The inbuilt predictive analytics capabilities in GEP SMART help procurement teams to anticipate supplier risks and opportunities before they impact operations. By combining spend analysis with supplier performance data, the AI-driven platform empowers enterprises to initiate negotiations focusing on their strengths, understanding their leverage, and what type of agreements will actually drive better terms while keeping up strong supplier relationships. This data-driven approach to negotiations can lead to improved contract terms and enhanced supplier accountability.
