“You can’t manage what you don’t measure.” It’s an adage as old as business itself, but there are few teams that struggle more with this than Sourcing and Procurement. There’s little consistency from business to business in how companies track savings, set goals, and incent their teams.
These inconsistencies create challenges between two departments that should be well-aligned: Procurement and Finance. All too often, we hear stories of teams with misaligned incentives, contrasting definitions of “realized” savings, and an inability to communicate effectively. The result? A missed opportunity for your well-run sourcing strategy to make an impact.
To that end, we’ve been working closely with our customers to find a better way to not only accurately track savings within their team, but easily analyze and present that data, ultimately achieving that higher goal: aligning the critical work of procurement to the firm’s top priorities.
Today, we’re announcing the new Scout Savings Tracker, part of our innovative Pipeline platform for strategic sourcing teams. Built with the goal of helping organizations accurately track sourcing’s contribution to the business, Savings Tracker gives you the power to precisely calculate realized savings based on the specific needs of your business. Use the custom formulas and definitions in the tool to ensure that every penny you save is tracked accurately and can be reported in-line according to your financial team’s definitions.
What’s more, we’ve designed Savings Tracker to facilitate collaboration across the business. It allows category managers, sourcing leads, and finance partners to communicate clearly their goals, realized savings, and challenges standing in their way. Quickly assess your progress and gaps to plan across the organization, or dive deep into individual projects and categories to see where everyone stands.
We believe this is the power of Pipeline. When you have a full view of your team’s portfolio of events and projects, you empower each stakeholder and sourcing lead to do more than just track savings. With simple but sophisticated program management, an end-to-end view of key suppliers, and now — thanks to Scout Savings Tracker — the ability to see clearly where you’re realizing savings, you’re operating as a more strategic function. And when you can get your finance and planning teams engaged in more compelling ways, you’re really driving the business forward.
If you’re a current Pipeline customer, or simply looking for a better way to manage your upcoming events, I encourage you to participate in a demo of how some of our most successful customers are navigating this path. They’re making an impact for their organizations, and you can, too. Sign up for a demo here, or register for our upcoming Customer Success webinar on the Scout Savings Tracker.