What is Savings Tracking?- Definition
Savings tracking is a Source-to-Pay or finance software functionality used by the procurement or finance teams to configure, manage, and track custom own Savings Types. The team can track both recognized and unrecognized Savings and amortize them according to company policies. This allows for more accurate tracking and reporting of Savings.
Understanding Savings Tracking
In the procurement landscape, the term €˜savings tracking' monitors the savings realized through strategic sourcing and other cost-reduction initiatives adopted by the procurement organization. Through this process, can update stakeholders on the progress and results of various savings initiatives.
Having planned your savings goals, you can track them as you negotiate savings throughout the project’s life. Configure pre-defined milestones based on multiple project parameters and set approval rules for them, or simply add ad hoc approvers — milestones and activities can be assigned to different users for better project management.
You’ll never miss any important milestones as you set reminders for key events linked to the savings project and receive automated alerts based on the targets and timelines you define. It’s never been easier to stay on top of savings initiatives or track their results.
- Savings tracking gives you the power to gain real-time visibility into your cost savings initiatives and their impact.
- By eliminating redundancy and error from data capture, tracking, and measurement, you can liberate your team from unproductive paper shuffling and acquire the insight to boost overall performance with a comprehensive set of financial savings management tools.
- Savings tracking makes it easy to plan, execute and track cost-savings initiatives, bringing all the information you need into a single, intuitive interface.
- Savings tracking provides a life cycle view of your cost-savings activities — from ideation to execution to realization — in neatly organized, configurable, customizable, and user-friendly reports allowing you to manage discreet savings projects or an entire cost-reduction program.