It’s all very well trawling through the cleansed, classified spend data to look for savings opportunities. But how do you know where to look? We all know that there are different ways in which savings can be realized. Price reduction, demand aggregation, supplier base rationalization – these are all good strategies. But how do you determine which one to use?
GEP SMARTTM really can help. The Opportunity Finder in GEP SMART will search and analyze the spend data for you, guided by your needs. GEP SMART can show you the hotspots where supplier count is seemingly too high for the level of spend, where there are too many different payment terms in a particular category, or where demand can be aggregated to drive more savings.
Not just that, GEP SMART will add all your suppliers’ corporate linkages to your spend data. So, if you are paying different amounts for the same service from different subsidiaries of a parent company, GEP SMART will pick it up and alert you of the opportunity to rationalize pricing.