We know Savings is different for every company, so we’re delivering the flexibility to configure your own Savings Types, to track both recognized and unrecognized Savings, and to amortize according to your own policies. This allows more accurate tracking and reporting of Savings.
Scout’s Savings Tracker is built into Pipeline, and allows you to:
- Create and Track Custom Savings Types
- Configure Recognition Schedules and Frequency
How it Works
Company Admins can configure Savings Types that are relevant to their business, such as:
- Cost Savings
- Cost Avoidance
- Hard Savings
If you are a Company Admin and would like to learn more about how to configure these Savings Types, click here!
Additionally, you can define which of these Savings are recognized by finance and will be calculated towards Savings goals defined by the company. Non-recognized Savings will still be tracked, and categorized separately.
Company Admins can also define a specific fiscal year start date and Savings goal for that fiscal year. This will allow tracking of Savings towards the goal, and show users if they are on pace and tracking towards achieving the goal.
Sourcing Managers will select from these various Savings Types when adding Savings to a Pipeline Project. They can also set the recognition date as one time, or define a period over which the Savings will be calculated.
Savings Tracker Gauge Breakdown
On your Pipeline Dashboard there are three different gauges that represent your company's Savings. From left to right they represent: Identified Savings, Realized Savings, and a Saving Goal. Below is a more detailed breakdown of the three gauges:
- Active - Estimated Savings entered across all Active projects. The Estimated Savings must have a value--if there is an estimated end date, this must be in the current fiscal year. If there is no estimated End date, then the Actual Start Date must be in the current fiscal year. If neither start or end date are added, then no Estimated Savings should be shown.
- Planned - Estimated Savings entered across all Planned projects. If there is an Estimated Date, this date must be in the fiscal year. If there is no estimated end date, but there is an estimated start date, then that date must be in the current fiscal year as well. If there is neither a start or end date added, then no Estimated Savings will be shown.
- Recognized - Recognized Savings across all completed Projects, indicating the portion that has already been recognized (based on date or time range entered at Savings level)
- Projected - Projected Recognized Savings across all completed Projects, indicating the portion that is yet to be realized (based on date or time range entered at Savings level)
- Realized - This is the total dollar amount of your Recognized + Projected numbers (from Realized gauge)
- Gap - The dollar amount remaining until your Realized Savings and the Financial Year Savings Goal is met
- Bonus - The dollar amount after your Realized Savings and the Financial Year Savings Goal is met. Congratulations!
What will happen to my existing data in Scout?
- Existing Spend Data - All existing Spend data will be migrated behind the scenes (these fields will not change).
- Existing Savings Data - All existing Savings data will be migrated behind the scenes.
- Existing Estimated Savings Data - Estimated Savings will continue to exist as an Estimated Savings field.
- Existing Actual Savings Data - All Actual Savings will be migrated to:
- Savings Type: Actual Savings (this Savings type will be created by Scout for you)
- Recognized Savings
- One Time (Date of Project Complete or blank until Complete)
With Scout's new Savings Tracker capabilities you can now track more detailed, customized Savings types moving forward!