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Getting a grip on procurement savings

Are you managing your procurement savings pipeline?

As year-end gets closer we probably already know whether we, as procurement professionals, are going to hit our savings targets or not. Perhaps we’re close and we just need those few small wins to get us over the line. But generally the focus now will be on next year and whether we have a pipeline of procurement projects and savings ideas that will deliver the procurement benefits necessary for our purchasing organisation next year.

Get a grip on cost reduction

Getting a grip on these cost reduction ideas and the work in progress, knowing exactly where each sourcing project stands, the supplier risks and the potential upsides, is critical for accurate saving forecasting and procurement planning.

How confident am I in the numbers being presented? What’s the real probability of the declared savings being delivered? Am I sure that the timing is realistic and I’m not going to see a whole bunch of savings slip into the following year? Do I know that my baselines and calculations are correct and stand up to scrutiny? How did my forecast compare to reality last year? Do I have the resource I need to turn the ideas into implemented savings?

Does the CPO/CFO trust your procurement savings reports?

If you have the answers to these questions in various spreadsheets, or maybe only in people’s heads, then pulling together a realistic picture that you would be confident in showing to stakeholders or senior management can be a real challenge. It’s not impossible of course and organisations have worked that way for many years, but it’s not an efficient or reliable way of working.

The Provalido Savings Manager is a web app that brings you that efficiency and reliability. It provides all this information in one easy-to-use tool where you can pull up high-level summaries or detailed views with a few simple clicks. We often focus on the savings reporting capabilities of the system, but it’s really so much more than that – it’s about the full management of the savings from the first idea through to delivered and approved numbers so that you can communicate with your business with confidence and credibility.

Getting a grip on your future and current cost reduction activity has never been easier.

Procurement Saving and Cost Reduction Articles

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