PRINCETON, N.J. February 16, 2012 - Zycus, a world-leading provider of procurement performance solutions, announced earlier today the release of its iSaveFinancial Savings Management Solution. The unique solution provides a means for consistently and efficiently connecting procurement performance results to key corporate financial metrics such as profit and loss, cash flow, cost of goods sold and balance sheet. The solution also provides structured capabilities for -
- Characterizing different types of procurement cost savings - hard, soft, avoidance, shared and so forth,
- Tracking procurement savings through various lifecycle stages - forecasted, realized, actual, budget down or reinvested, and
- Associating savings with specific strategies, generating factual insights into which procurement and sourcing strategies produce the best business performance results.
The Zycus iSave Solution embodies global best practices for measuring, validating and connecting procurement cost savings to corporate financial metrics while also being highly configurable and able to accommodate the many differences in how business enterprise are structured financially. Companies with no discernible systems for connecting procurement results to corporate financial metrics can adopt and advance quickly while enterprises with successful manual processes can easily model and bring efficiency to financial savings management systems that are already working well for them.
Key iSave solution features include:
- Function-specific views into individual procurement initiatives and their associated savings,
- An automated financial savings generator,
- Multilevel approval workflow and collaboration tools for documenting and validating procurement cost savings,
- Multidimensional savings tracking, and
- Mapping of forecasted savings to budgets.
“We have been hearing about the discord between procurement and finance for a very long time.” Dixit says. “As a company that dedicates itself 100% to supporting procurement-led business performance advancement, we are excited to be bringing to market a solution that addresses this long-standing challenge directly and with full cognizance of procurement’s unique position and perspective within a business organization. We are looking forward to seeing what strategic procurement teams worldwide will accomplish when they are free to focus fully on the kinds of strategic activities that can really move the meter on business performance.”
Manager - Public Relations & Analyst Relations, Zycus Inc.
Direct: 1 866 563 9219