Dear Contracts Pros, Cost Savings Reporting — Love it or Loath it?
Make capturing cost savings a pleasure, not a pain!
Here are 3 tips to love it and succeed while doing it:
1) Shift your mindset — its about people, positivity, and peer-peer mentorship.
A little healthy psychological yoga through celebration. Like exercise, regular rhythms and routines to capture it daily and recognize it weekly (with some fun mixed in), is good for everyone.
2) Big ($) or Small, Count it All
My favourite big ($) are Negotiated Savings gained through strategic insights and opportunities cross vendors and packages. Have the data, put it to work, and capture new found value for all.
My favourite small ($) but with high frequency thus high impact is Cost Avoidance in the contracts management phase. Save the bottom line everyday by ensuring erroneous and invalid spend doesn’t seep through. Who’s attesting invoices and driving cost performance and accountability every day? I AM!
3) Give your shepherds $$$$$ a tool to do this well, and report it at the click of a button.
Having a tech tool to auto-capture savings daily, and a data-analysis centric method to achieve cost savings and report it (beyond a spreadsheet) is appealing.
…..Capture it daily, dashboard it often, and celebrate it always…..
Having a data-centric performance monitoring SaaS tool (like PayShepherd, driving excellence in the lifecycle of contracts and driving accountability of cost results in savings collection every day, digitalized contracts compliance, automated invoice attestation, and new found data-identified value opportunities to elevate our professional offering.
It’s motivating to self-recognize, peer mentor and celebrate. As a continuous improvement lover, having innovative tech tools keeps me (and the savings) growing.
Hooking cost savings, with PayShepherd.