Case Study: a major U.S. bank achieves complete spend visibility with SMART by GEP

Major Bank Achieves Complete Visibility and Boosts Operational Efficiency with SMART by GEP

The customer, a major U.S. bank, faced a challenge with fragmented spend management across its many branches, which limited its nationwide spend visibility and analysis capabilities. This lack of insight impacted its negotiating power and vendor compliance. To address this, the bank chose to implement the SMART by GEP unified procurement platform to gain enterprise-wide visibility and enhance its spend analysis.

GEP implemented its SMART platform, which was seamlessly integrated with the bank's existing systems. A key part of the solution was the development of a custom procurement taxonomy to provide highly granular, line-item level visibility into spend. This deployment by GEP significantly improved data visibility, increased spend analysis accuracy to 95 percent, reduced processing times, and enabled the identification of new savings opportunities after processing $46 billion in spend.