Cost saving initiatives in procurement are defined as any measures taken to reduce the cost of goods or services purchased by a business. These initiatives can include activities such as negotiating better terms with suppliers, streamlining the purchasing process, and utilizing technology to reduce manual labor costs. Cost savings initiatives can also include identifying new sources of supply, implementing inventory management systems, and consolidating purchases across departments. Additionally, cost savings initiatives can include reducing waste and improving the efficiency of the supply chain. By implementing cost saving initiatives in procurement, businesses can increase their bottom line and remain competitive in the market.