About This Article
We've introduced a new feature that lets you track and record your savings right in the platform. With this self-service tool, you can compare your performance against a benchmark and understand your progress in saving, helping you become a procurement hero! This article covers how to set it up.
Track and Record Your Savings
Click Agreements in the left-hand sidebar
Select the Agreement Name and navigate to Savings Insights in the top menu bar
Enter the Initial Supplier Quote
Click Save to store the contract and visualize your savings journey
Savings Journey
Your savings journey provides a fun experience that helps you understand how well you're saving compared to similar purchases:
Preparing to Save: You're in the lowest tier, better than up to 25% of similar purchases
Base Camp: Mid-tier, starting to save significantly between 25 - 50% of similar purchases
On the Ascent: High performance, nearing top savings between 50 - 75% of similar purchases
Peak Performer: Top tier, achieving optimal savings between 75 - 100 % of similar purchases
Savings Insights
After adding your initial supplier quote, you'll see your Savings Insights:
Negotiated Savings: Track the total savings you've negotiated for the contract
Potential Savings: Compare your negotiated savings against typical savings for similar purchases
Narrative Style Report: Learn how your performance ranks against other customers' savings
Additional Resources
Learn about negotiation strategies and best practices to maximize savings,
Access advice from experts to further enhance your procurement skills.
You can find a comprehensive view of your savings performance with aggregate reporting on the Agreements page.
