Savings Tracking

Savings tracking is the systematic evaluation of an organization’s procurement activities to identify opportunities for cost savings. The process ofsavings tracking begins with data collection and analysis to identify areas where spend can be reduced. This is followed by the development of a plan to achieve the identified savings. Finally, the savings are tracked over time to ensure that they are realized.

There are several benefits to implementing a savings tracking program in an organization. First, it can help reduce procurement costs. Second, it can improve organizational efficiency by identifying and eliminating waste in procurement processes. Third, it can improve communication between procurement and other departments within an organization. Fourth, it can increase transparency in procurement activities. Finally, it can help build relationships between procurement and suppliers.