Case Study: a major U.S. bank achieves enterprise-wide spend visibility with GEP SMART

Major Bank Achieves Complete Visibility And Boosts Operational Efficiency With Gep Smart

A major U.S. bank sought to improve its enterprise-wide spend visibility, which was hindered by its regional management approach and time-intensive, rules-based analytic processes. To enhance its spend analysis capabilities and negotiation power, the bank selected and implemented the SMART procurement platform from vendor GEP Nexxe.

GEP Nexxe deployed its SMART platform, which was seamlessly integrated with the client's existing systems. The solution included a custom-developed taxonomy and provided granular, line-item level visibility into spend. This resulted in significantly improved data visibility, a reduction in analysis turnaround times, and an increase in spend classification accuracy to 95 percent, enabling the identification of new savings opportunities.