The Problem – No Single Source of Truth for Savings
Almost in every organization there is a mismatch in procurement savings and the savings captured by the Finance department. But why does this discrepancy exists? What is the origin for this conflict of data?
Creating a single version of savings truth between Procurement and Finance remains elusive for most. How will savings be calculated and allocated? What constitutes actual, realized savings? How are cost reductions and cost avoidance treated? How will budgets be impacted? And perhaps most importantly, what is the process for Finance to sign-off on Procurement’s savings contributions?
Attend this webinar to learn about the best practice tools and techniques that tie Procurement and Finance together in the process of tracking and reporting Procurement savings, and how between them, they get the numbers to” tie out.”
The session features a case study from Qualcomm, which has deployed a best-of-breed Financial Savings Management platform to create one version of savings truth for Procurement – and Finance. The case study will highlight best practices such as:
- Developing and establishing visibility to an enterprise-wide portfolio of savings projects
- Enforcing stakeholder compliance to savings tracking and reporting methodologies
- Prioritizing savings projects based on ROI potential and ease of implementation
- Ensuring savings projects are executed and identified savings are realized
- Becoming the “go to” for the CFO as the source of savings truth
- Blog – Savings Target Management – An essential guide for procurement savings
- Blog – Realizing Savings in Indirect Spend: A Guide for Procurement Teams
- Evolution of the Chief Procurement Officer: From Cost Control to Value Creation
- Project Management Software
- White Paper – 5 Ways the Oil and Gas Industry can Boost Savings and Profits
- eBook – Procurement’s Cost Savings Playbook: An Executive’s Guide to Sourcing Savings