Within each Pipeline Project, you can track your Spend and Savings using the Financial Details section. The Savings Tracker in Pipeline will reflect the values entered as Savings within the Project. In this article, we will show you how to utilize your Savings types to add Savings directly to your Projects.
Choose a Project in Pipeline, and scroll down to the Financial Details section:
Note: If you do not see the Financial Details section, then the selected Project type is not configured for Savings. Savings can be enabled by a Company Admin.
In Financial Details, you can enter your Estimated Spend, Final Spend, Estimated Savings, and Recognized Savings values. You may enter your Spend and Savings values at any time. Estimated & Recognized Savings will appear in the Savings Tracker if the Savings are forecasted within your Company's current fiscal year:
Click on the 'Add Savings' button to enter a Savings record. The fields underlined with red are required in order to submit your Savings:
Savings Types are configured by your Company Admin. A Savings type will be identified as Recognized or Unrecognized Savings:
- Recognized Savings in Scout will be marked with an asterisk. They will also be included in the Savings Tracker and counted towards the Savings Goal for your company.
- Unrecognized Savings are not marked with an asterisk. They will not be included in the Saving Tracker. However, they can be reported on separately.
- One-Time Savings is based on the Savings Start Date. If the Start Date set is before the current date for a Recognized Savings type, then it will be added to Recognized Savings & Projected Recognized Savings buckets. If the Start Date is after the current date, then it will be added to the Projected Recognized Savings bucket since the savings value remains projected until the scheduled Start Date is met.
- Calculated Savings will calculate the daily Savings based on the Start and End Date.
Choose your Savings type, Frequency, Date(s), and Savings amount. You may enter multiple Savings records within a single Project. For example, let's say today's date is 2/15/2019.
We add a Savings Record for Cost Avoidance (Recognized) for $10,000 with a Start Date of 2/23/2019. Since the Start date is in the future, the Project has $10,000 in Projected Recognized Savings. The second Savings Record is for Cost Reduction (Unrecognized) for $2,000 on 2/10/2019. This total will only appear in the Total Savings amount. Total Savings will sum up all Savings regardless of type, frequency, and Start/End date:
We can also add a Calculated Savings Record to the Project. We've added a Savings Record for Actual Savings (Recognized) with a Start Date of 2/1/2019 and End Date of 4/19/2019. Based on the Savings Start and End Dates, Scout automatically calculates the Recognized and Projected Recognized Savings values based on the current date and Start/End dates:
Any Recognized and Projected Recognized Savings that are within your company's current Fiscal Year will be reflected in the Savings Tracker. Happy Saving!
To learn more about how this will appear in your Savings Tracker, click here!