Precoro vs GEP SMART

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Our analysts compared Precoro 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.

Product Basics

Precoro is a comprehensive software solution designed to streamline procurement processes for businesses. It is particularly well-suited for small to medium-sized enterprises looking to automate their purchasing, expense management, and supply chain operations. One of the key benefits of using Precoro is its ability to reduce manual work and errors, thereby saving time and improving efficiency. The software is popular for features such as automated purchase orders, real-time budget tracking, and customizable approval workflows, which collectively enhance the procurement process. When compared to similar products in the market, users often highlight Precoro's user-friendly interface and responsive customer support as distinguishing factors. Pricing for Precoro typically follows a subscription model, with costs varying based on the number of users and the specific features required by the business. This flexible pricing structure allows companies to scale the software according to their needs and budget.

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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.
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$35/User, Monthly
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$500,000 Annually, Quote-Based
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Product Assistance

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Product Insights

  • Cost Reduction: Precoro helps businesses significantly cut down on unnecessary spending by streamlining procurement processes, ensuring that every dollar spent is accounted for and optimized for the best value.
  • Time Savings: Automating routine procurement tasks with Precoro frees up valuable time for your team, allowing them to focus on strategic decisions rather than getting bogged down in paperwork and manual processes.
  • Enhanced Transparency: With centralized tracking of purchases, approvals, and budgets, Precoro offers unparalleled visibility into your procurement operations, making it easier to identify and address inefficiencies.
  • Improved Compliance: Precoro's built-in controls and audit trails ensure that procurement activities comply with internal policies and external regulations, reducing the risk of financial penalties and reputational damage.
  • Better Supplier Management: By consolidating supplier information and interactions in one place, Precoro makes it easier to manage relationships, negotiate better terms, and evaluate performance, leading to more strategic partnerships.
  • Streamlined Approval Processes: Precoro automates the approval workflow, ensuring that purchases are reviewed and approved by the right people in a timely manner, thus speeding up the procurement cycle.
  • Increased Financial Control: With real-time budget tracking and reporting features, Precoro gives businesses the tools they need to manage their finances more effectively, preventing budget overruns and improving fiscal responsibility.
  • Scalability: Whether you're a small business looking to grow or a large enterprise seeking efficiency, Precoro's flexible platform scales with your needs, ensuring that your procurement processes evolve in line with your business.
  • Data-Driven Decisions: Precoro's comprehensive reporting and analytics tools provide actionable insights into your procurement activities, helping you make informed decisions that drive business success.
  • User-Friendly Interface: Designed with the end-user in mind, Precoro offers an intuitive interface that makes it easy for anyone in your organization to adopt and use, regardless of their technical expertise.
  • Integration Capabilities: Precoro seamlessly integrates with a wide range of ERP and accounting systems, ensuring that procurement data flows smoothly across your business systems, enhancing operational efficiency.
  • Mobile Accessibility: With Precoro's mobile app, users can manage procurement tasks on the go, ensuring that business continues uninterrupted, no matter where they are.
  • Customization Options: Precoro offers a variety of customization options, allowing businesses to tailor the software to their specific procurement processes and requirements, ensuring a perfect fit for their operations.
  • Exceptional Customer Support: Precoro prides itself on providing top-notch customer support, with a dedicated team ready to assist with any questions or issues, ensuring a smooth and successful implementation and usage.
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  • 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.
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  • Purchase Request: Manage all the requests in a single platform, clear statuses and analyze requests. Also provides e-commerce capabilities with catalogues. 
  • Purchase Orders: Automate the creation of purchase orders, attach files and export POs. Instantly convert requests into orders and leave comments on POs to pass information.  
  • Approval Workflow: Customize based on departments and locations, and receive instant notifications. Approve on a mobile phone and set thresholds and policies for routing. 
  • Budget Management: Create budgets for departments, locations and other custom fields. Automatically set budget limits, manage bulk uploads, control budget in real time with the help of a progress bar and get data-based reports to make informed decisions. 
  • Reporting: Includes standard, visual and customized reports for access to real-time data and filters for more precise reports. Allows exporting to accounting software. 
  • Integration: Get automatic integration and match fields automatically for flat-file integration. Integrate with Xero, NetSuite, QuickBooks and more. 
  • Inventory: Offers warehouse management, stock tracking and stock transferring. Get receipts for goods in the warehouse and manage stock requests and approvals. 
  • Three-Way Match: Match POs to receipts and invoices, track discrepancies, customize additional workflows and exceptions, and manage order revisions. 
  • Supplier Management: Create and manage a suppliers portal and suppliers list. Set up infinite product catalogs, manage contracts, store contacts and receive reports on supplier performance. 
  • User Management: Restrict user access, use two-factor authentication and manage multiple currencies, offices and countries in a single account. 
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  • 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.
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Product Ranking

#22

among all
Procurement Software

#12

among all
Procurement Software

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Analyst Rating Summary

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88
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83
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Dashboard and Reporting
Platform Capabilities
Platform Security
Requisitions
Purchase Orders Management
Platform Capabilities
Platform Security
Product Catalog
Sourcing
Supplier Management

Analyst Ratings for Functional Requirements Customize This Data Customize This Data

Precoro
GEP SMART
+ Add Product + Add Product
Budget Management Contract Management Dashboard And Reporting Invoice Management Mobile Capabilities Native Integration And Extensibility Platform Capabilities Product Catalog Purchase Orders Management Receiving And Inventory Management Requisitions Sourcing Spend Management Supplier Management 88 76 100 89 77 60 100 80 90 39 96 67 58 62 0 81 83 89 60 45 100 100 90 56 67 93 76 91 0 25 50 75 100
88%
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12%
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100%
70%
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80%
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100%
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83%
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17%
89%
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11%
89%
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11%
80%
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60%
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40%
57%
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43%
43%
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57%
100%
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80%
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92%
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8%
92%
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8%
38%
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62%
23%
54%
23%
92%
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62%
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38%
67%
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33%
83%
17%
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50%
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30%
54%
15%
31%
77%
23%
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Analyst Ratings for Technical Requirements Customize This Data Customize This Data

33%
0%
67%
33%
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67%
100%
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100%
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User Sentiment Summary

Excellent User Sentiment 264 reviews
Excellent User Sentiment 180 reviews
95%
of users recommend this product

Precoro has a 'excellent' User Satisfaction Rating of 95% when considering 264 user reviews from 5 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.

5.0 (1)
n/a
4.6 (43)
4.4 (22)
4.8 (164)
4.6 (7)
4.8 (55)
n/a
n/a
4.7 (126)
4.0 (1)
4.2 (25)

Awards

Precoro stands above the rest by achieving an ‘Excellent’ rating as a User Favorite.

User Favorite Award

SelectHub research analysts have evaluated GEP SMART and concluded it earns best-in-class honors for Product Catalog. GEP SMART stands above the rest by achieving an ‘Excellent’ rating as a User Favorite.

User Favorite Award
Product Catalog Award

Synopsis of User Ratings and Reviews

Easy to Use: According to all users mentioning this aspect, the system is very easy to use and requires little training.
Budget Management: Every reviewer referring to this feature observes that the system has helped bring transparency and gain control over their budget.
Customer Support: The service team is always there to answer questions and even help make available features not offered by the software, according to all reviews referring to this aspect.
Approval Workflow: Everyone mentioning this feature says the system has helped them become fast and effective by offering customizable approval workflows.
Purchasing Process: It helps automate, streamline and maintain the purchasing process, according to more than 88% of reviews on this feature.
Reports: It’s easy to access real-time and customized reports, according to 70% of reviewers referencing this feature.
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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.
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Purchase Orders: It’s difficult to create and delete open POs and to set repetitive POs, according to more than 55% of users mentioning this feature.
Integration: Integration with SAP, NetSuite, QuickBook and other accounting solutions is difficult, as more than 85% reviews that mention this feature note.
Import: All the reviewers that mention this aspect report that data importing needs improvement, as many things need to be entered manually.
Search Tool: Every user mentioning this aspect finds it difficult to search for POs with items named in it.
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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.
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Reviews from the past year for Precoro paint a picture of a platform that streamlines procurement processes, saving businesses valuable time and money. Users consistently highlight Precoro's intuitive interface, making it accessible even for those without a finance background. The platform's robust reporting capabilities, with over 150 data points, empower financial teams to analyze spending patterns and make informed decisions. Integration with popular accounting software like QuickBooks and Xero further enhances Precoro's appeal, automating tasks and reducing manual data entry. While Precoro receives widespread acclaim, some users note occasional system instability requiring restarts. Additionally, managing supplier interactions can be challenging as suppliers lack dedicated accounts within the platform. Despite these drawbacks, Precoro's strengths far outweigh its weaknesses. Its comprehensive feature set, ease of use, and time-saving automation make it a standout choice in the procurement software landscape. Businesses seeking a holistic solution to optimize their procurement processes will find Precoro to be an invaluable asset. From small startups to large enterprises, Precoro's scalability and affordability cater to diverse organizational needs. If you're looking to transform your procurement operations and unlock cost savings, Precoro is undoubtedly worth exploring.

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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.

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Screenshots

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