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Basware vs GEP SMART

Last Updated: November 18th, 2024

Our analysts compared Basware vs GEP SMART based on data from our 400+ point analysis of Procurement Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

Basware offers networked source-to-pay tools, e-invoicing, analytics and value added services. It facilitates automated operations and management, spend and supply chain visibility, supplier management, early payment discounts and more. It helps reduce paperwork, save time and effort spent in manual work, boosts working capital and enhances business ROI. It serves B2B companies of all sizes and industries.

GEP SMART (formerly SMART by GEP) is a cloud-based, AI-powered supply chain system built on Microsoft Azure. It is suitable for larger corporations and leverages cutting-edge technologies like artificial intelligence, big data, blockchain and the IoT to educate and empower decision making. Its unified setup gives users a simplified location for all of their needs and tasks.

It gives users the ability to monitor supplier performance and the entire purchasing process from requisition to approval. Users can automate source-to-pay processes and other tedious tasks to increase accuracy and cut down on the time and resources required for each. It provides cost-cutting inclusions that measure initiatives to their outcomes along with spend analysis and visibility through analytical reporting.

$15,000/Invoice Transaction, Annually

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$500,000 Annually, Quote-Based

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Product Insights

Eliminates Paperwork: Reduces paperwork by digitizing all operations starting from point of order placement to payment.
Increases Visibility: Offers complete visibility for spend, suppliers, buyers and the supply chain.
Saves Time and Effort: Streamline work using AI and machine learning, which help automate manual tasks such as invoicing, account payable management and other day-to-day tasks.
Boosts Working Capital and Cash Flow Visibility: Improves the flow of payments through early payment discounts offered to suppliers for releasing payments quickly. Adoption of e-invoices improves cash flow visibility.
Strengthens Supplier Relationships: Offers tools for supplier registration, pre-approved workflows and questionnaires to evaluate supplier performance management and help improve relationships with suppliers.

Find The Best Products: According to our analysts, the platform offers one of the most robust catalog handling toolkits, offering 100% of key features and tools out of the box. It offers catalog templates, product bundling, favorite shortlisting and punch-out catalogs based on past purchases. The built-in AI enhances buying experiences by analyzing legacy data and directing buyers to ideal products. You can also track changes in pricing, lead time, SIN and contract numbers for each item.
Create Purchase Orders (PO) Efficiently: Our analysts rated the PO management module at 90, placing it alongside industry stalwarts like SAP Spend Management (95) and Workday Spend Management (88). It supports automated PO generation, approval workflows, recurring and pre-specified purchases, blanket orders, eSignatures, and file attachments. You can brand POs with your business logo and attach notes or files for suppliers.
Streamline Sourcing: The platform’s robust sourcing features earned a 93 rating from our analysts. You can automate online requisitions, compare supplier offers, and create and send RFQs to suppliers. The sourcing dashboard offers an overview of RFIs, RFQs, RFPs and auctions for data-driven decision-making. You can collaborate with the best suppliers using an automated supplier risk scoring system that considers restricted-party screening, financial risks, metrics, and more of each supplier.
Improve Supplier Collaboration: The platform scored a strong analyst rating of 91 for its supplier relationship management module. It lets you onboard suppliers, offers unique portals, facilitates internal communication, and enables supplier categorization and segmentation. The platform tracks supplier performance using custom metrics and offers a multi-tier assessment model and demand planning and forecasting tools.

Procure-to-Pay: Offers automation for several features including point of order, purchasing, receiving and payments, accounting and more.
- Analytics: Provides access to spend and helps identify opportunities, optimize cash flow and make strategic, data-driven decisions.
- AI and Machine Learning: Replaces manual tasks, captures invoices, performs data extractions, saves time and reduces the probability of errors.
- Support Services: A customer care team of dedicated support specialists assists with identifying and resolving issues, as well as modifying business processes. Other features include customer service management that enables continuous improvements in organizational processes and offers several supplier enablement tools.
- Source-to-Pay: Supports strategic contract lifecycle management and sourcing to strengthen vendor relationships along with negotiation stages. Also offers electronic purchase requisition procurements, validation of invoice receipts and discount management on early payment.
AP Automation:
- Discount Management: Several tools support supplier activation, automation, analytics and dynamic discounting to carry out discount management with ease.
Network:
- E-Invoicing for Buyers: Connects users with suppliers to let them share invoices electronically. Receive invoices in any format such as XML, EDI, PDF or paper, which the solution converts to deliver as an electronic invoice.
- E-Invoicing for Suppliers: Receive POs and share invoices with buyers electronically. Ensures compliance and global operations. Improves transaction status visibility and timely payment performance.
- Network Interoperability: Provides open network interoperability with 220+ e-invoicing network partners globally. Includes country-specific networks as well.
E-Procurement:
- Marketplace: Connect with suppliers through punchouts and catalogs to facilitate guided purchasing, e-procurement, price negotiations, supplier collaborations and more.
- Strategic Sourcing: Helps conduct and manage electronic auctions, collect, store and evaluate supplier information, manage projects and contracts, and onboard suppliers easily and quickly.
Supplier Management: Enables centralized visibility over supplier information, with automated updating in real time. Includes end-to-end visibility for each supplier’s performance and facilitates timely receipt of payments.
Working Capital: Leverage automated and integrated visibility into spending, a variety of discount programs for receipt of early payments, dynamic discounting and more.
Travel and Expense Management: Submit travel plans for approval before reservations and capture, claim and take actions on submitted expenses and reports at any time via the mobile app.

Spend Analysis: You can automatically gather and integrate spend data from various sources into a unified dataset. Analyze spending patterns, from line-item details to enterprise-wide trends. Identify cost-saving opportunities with real-time spend alerts and advanced classification.
Sourcing: Use customizable templates and workflows to build multi-line proposals and quotes. Built-in supplier intelligence gives you a comprehensive view of existing suppliers. Drive best-value sourcing through real-time auctions and create sourcing events from pre-built templates.
Contracts Management: Use redlining and eSignature tools to collaborate with stakeholders and author contracts. Source-to-pay integration converts negotiated terms into digital contracts and catalogs. Dashboards help track contract utilization, compliance, supplier performance and potential risks. Quickly locate contract details with intelligent search. Maintain compliance with integrated reports, user-defined alerts and automated reminders for contract reviews, renewals and rebids.
Supplier Management: Maintain a supplier repository with buyer-entered and supplier-maintained data, including risk assessments, contact details, diversity certifications, financial information and critical business documents. Evaluate performances using customizable scorecards that combine qualitative and quantitative metrics. You can provide suppliers with greater control through self-service portals, easy registration options and master data management tools.
Procure-To-Pay: Electronically create and approve requisitions for catalog and non-catalog items. Generate purchase orders directly from requisitions or independently and track their status. Use line-by-line invoice matching tools and automatic approval workflows to reduce errors. Customize requisition-to-pay workflows, including failover, delegation and escalation rules, to cater to the specific needs of different business units and locations.
Payments: Automate global payments through Mastercard's virtual card service. The platform optimizes working capital by streamlining payments and providing early payment flexibility, improving liquidity and financial agility. Additionally, it integrates with sustainability initiatives to track and manage sustainable spending according to your CSR goals.
Accounts Payable Automation: Use an organized queue management workflow with automatic routing, reviews and approvals to minimize manual intervention and expedite problem resolution. Multi-way matching powered by AI ensures accurate invoice validation against purchase orders and negotiated prices, with configurable tolerances and user-defined matching rules. The platform uses OCR technology to convert scanned paper invoices or PDFs into machine-readable documents.
Risk Management: Develop a third-party risk management (TPRM) strategy to identify, prioritize and mitigate potential risks. The platform facilitates vendor segmentation based on a risk-based assessment to allocate resources efficiently and keep an eye on high-risk vendors. Risk assessments include cybersecurity vulnerabilities, data privacy, operational disruptions, compliance concerns, geopolitical instability and business continuity issues.

Product Ranking

#6

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Procurement Software

#12

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Analyst Rating Summary

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User Sentiment Summary

85%

of users recommend this product

Basware has a 'great' User Satisfaction Rating of 85% when considering 289 user reviews from 4 recognized software review sites.

92%

of users recommend this product

GEP SMART has a 'excellent' User Satisfaction Rating of 92% when considering 180 user reviews from 4 recognized software review sites.

4.0 (110)

4.4 (22)

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4.6 (7)

3.9 (22)

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4.5 (139)

4.7 (126)

4.0 (18)

4.2 (25)

Awards

Synopsis of User Ratings and Reviews

Implementation: All reviews on the topic suggest that it’s extremely simple and affordable to implement.

User Interface: The software has a clean, interactive and user-friendly interface, according to 100% of reviews on this aspect.

Easy to Learn: Every reviewer mentioning this aspect agrees that it’s quite easy to learn and adapt to, without any technical training.

User-Friendly Interface: Users praise the platform for its intuitive design, making navigation and sourcing straightforward, even for team members without extensive procurement experience.

Efficient Sourcing: GEP SMART streamlines the sourcing process, enabling users to quickly identify and compare potential suppliers, saving valuable time and effort.

Improved Spend Visibility: The platform provides comprehensive insights into spending patterns, empowering users to identify cost-saving opportunities and optimize procurement strategies.

Program Lags: The software may lag or freeze sometimes while transferring multiple invoices at once, according to all reviews on this aspect.

Support Ticket: Ticket and issue management is slow sometimes, as all reviews on the quality of support suggest.

Limited Customization: Users have expressed frustration over the inflexibility of templates and workflows, making it difficult to tailor the system to their specific procurement requirements.

Complex User Interface: The system's navigation and interface have been criticized for being overly complicated and not user-friendly, leading to a steep learning curve for new users.

Integration Challenges: Integrating GEP SMART with existing ERP or other procurement systems has proven to be a hurdle for some organizations, causing data silos and workflow disruptions.

Basware is a solution for companies looking for source-to-pay tools, e-invoicing, analytics and value-added services. It is easy to learn, which is a prominent advantage of the suite. Reviews suggest that it is easy and affordable to install as well. However, the program lags sometimes when transfering a lot of invoices at the same time. Support resolution is also slow according to user reviews. Altogether, it’s a fine choice for B2B companies looking for a purchase-to-pay and e-invoicing solution with a user-friendly interface and affordable price.

Want to get SMART about procurement? GEP SMART is a cloud-based, AI-powered procurement software platform designed to streamline and automate the entire source-to-pay process. User reviews highlight its comprehensive functionality, covering everything from spend analysis and savings tracking to sourcing, contract management, supplier management, and procure-to-pay. Users praise its user-friendly interface and robust reporting engine, which allows for detailed tracking of spending and identification of areas for improvement. GEP SMART's mobile-native design is also a significant plus, enabling procurement professionals to work effectively from anywhere.However, some users have pointed out that the software's learning curve can be steep, especially for those unfamiliar with procurement software. Additionally, while GEP SMART offers a wide range of features, some users have expressed a desire for more customization options. Despite these minor drawbacks, GEP SMART is generally well-regarded for its comprehensive functionality, user-friendly interface, and mobile accessibility.GEP SMART is best suited for organizations looking for a unified, AI-powered procurement solution that can streamline their processes and enhance their strategic capabilities. Its comprehensive functionality and user-friendly design make it an ideal choice for businesses of all sizes, particularly those with a mobile workforce. However, organizations with highly specific customization needs may need to consider other options or factor in additional implementation time.

Screenshots

Top Alternatives in Procurement Software

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SAP Spend Management

Synertrade

Tradogram

Workday Spend Management

Zycus

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FAQ

How can I do a in-depth comparison of Basware and GEP SMART? Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

What are the top-rated propducts for Procurement Software? Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Which Procurement Software is rated the highest by users? Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Is there a requirement template for Procurement Software? Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

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