Adding a New Savings Initiative

Savings records serve as the parent record for savings milestones, which are used to track financial progress and cost savings under a structured savings project.

This guide will walk you through the step-by-step process of creating a new savings record in the platform.

📌 Tips:

When to Use This Feature

• When tracking financial savings across multiple milestones.

• When linking savings records to suppliers or contracts for streamlined procurement tracking.

• When ensuring accurate forecasting and financial reporting.

• When needing automated or customized savings tracking through milestone builders.

Step-by-Step Guide: Adding a New Savings Record

Step 1: Access the Savings Management Module

1. Click on Savings Management in the left-hand menu.

2. Click on Create Savings Record.

Step 2: Populate Savings Summary Fields

1. Fill in the mandatory savings details in the right-hand popup:

   • Supplier Title

   • Savings Description/Notes

   • Savings Currency

   • Savings Status

   • Savings Category

   • Savings Location

   • Savings Department

2. Link a supplier to the savings record (if applicable).

   • Any savings linked to a supplier will appear under the Savings tab within the respective supplier record.

3. Link a contract to the savings record (if applicable).

   • Only contracts linked to the selected supplier will appear in the dropdown list.

6. Click Next to proceed.

Step 3: Choose a Milestone Builder

7. Choose between the Automated Milestone Builder or the Custom Milestone Builder:

• Automated Milestone Builder:

  • Generates milestones automatically based on:

    • Start date

    • Frequency (monthly, quarterly, bi-annual, annual)

    • Total number of milestones

    • Total baseline spend

    • Projected cost reduction

    • Projected cost avoidance

• Custom Milestone Builder:

  • Requires users to manually enter each milestone, allowing for greater flexibility.

  • This option is ideal for irregular savings projects or complex forecasting models.

8. Click Next to continue.

Step 4: Configure Automated Milestones (If Selected)

1. Enter details for Automated Milestone Builder:

   • Savings Start Date (e.g., 01/01/2025).

   • Frequency of Milestones (Monthly, Quarterly, Bi-Annual, Annual).

   • Number of Milestones (e.g., 12 for a full year).

   • Total Baseline Spend (Budget allocated for the savings project).

   • Projected Cost Reduction (Total expected savings across all milestones).

   • Projected Cost Avoidance (Total anticipated cost avoidance across all milestones).

2. Click Next.

Step 5: Customize Milestones (If Selected)

11. If using Automated Milestone Builder, the system generates milestones with financials pre-populated.

12. Users can:

• Amend milestone details.

• Assign names to each milestone (e.g., "Q1 Savings", "H1 Savings").

13. Click Next after making adjustments.

Step 6: Manually Create Custom Milestones (If Selected)

14. If using Custom Milestone Builder, specify the number of milestones to create.

15. Click Next.

16. Enter the following details for each milestone:

• Start Date & End Date

• Baseline Spend

• Projected Cost Reduction

• Projected Cost Avoidance

17. Click Next when all milestones have been entered.

Step 7: Review and Finalize Savings Record

18. The summary page displays all projected financials and calculated savings.

19. Review the savings record.

20. Click Create Saving to finalize the record.

Step 8: Access and Manage Your Savings Record

21. Once created, the savings record appears in the Savings Management table.

22. Click on the record to access and edit it.

23. View and manage associated milestones under the Milestones tab.

Key Considerations & Best Practices

✅ Use Automated Milestones for Standard Tracking – The Automated Milestone Builder is ideal for fixed schedules.

✅ Opt for Custom Milestones When Needed – Use Custom Milestone Builder for irregular timelines or variable financials.

✅ Ensure Accuracy in Baseline Spend and Projections – Double-check baseline spend, cost reductions, and cost avoidance values.

✅ Link Savings Records to Suppliers and Contracts – Maintain clear tracking of supplier-driven cost savings.

✅ Save Drafts for Future Completion – All savings records are automatically saved as drafts and can be edited later.

✅ Track Milestones Over Time – Regularly review milestone progress to measure realised savings vs. projected savings.

Additional Resources

📌 Related User Guides:

• Managing Savings Milestones – How to track, update, and adjust savings milestones.

• Editing Exchange Rates per Milestone – Adjusting currency rates for international savings projects.