What is Savings Tracking?

Savings Tracking in procurement refers to the systematic monitoring and recording of cost reductions and efficiencies achieved through strategic procurement practices. In the context of procurement management, organizations implement savings tracking mechanisms to assess and quantify the financial benefits derived from optimized procurement processes, negotiations with suppliers, and overall cost management initiatives.

This process involves the ongoing measurement and documentation of savings across various procurement activities, such as sourcing, contract negotiations, and supplier relationship management.

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