Case Study: a Fortune 500 engineered components manufacturer achieves 95% spend classification accuracy with GEP SMART

Fortune 500 Engineered Components Manufacturer Optimizes Spend Management With Gep Smart

A Fortune 500 engineered components manufacturer sought to gain enterprise-wide visibility into its complex global spend, which was spread across more than 450 business units. The company faced significant challenges with manual data collection and lacking the procurement technology needed for accurate spend analysis and categorization. They selected the AI-driven platform SMART by GEP from vendor GEP Nexxe to automate these processes and improve decision-making.

GEP Nexxe implemented its SMART software, deploying a dedicated team to manage the global data extraction and configuration. The solution successfully classified over $7.1 billion in spend with an accuracy rate above 95 percent and reduced cycle times by nearly 20%. This provided the manufacturer with vastly improved spend visibility and the data-driven insights required to manage procurement more effectively.