Portfolio Savings Manager Solves Your Savings Management Challenges
Karen Sage - May 16th, 2016
One of the principles we live by at SciQuest is, “feedback is a gift.” So when two of our customers spoke to us about the challenges they were facing with tracking and measuring savings initiatives, we took their feedback to heart. The result of our customer collaboration is a brand new SciQuest product, Portfolio Savings Manager.
What does Portfolio Savings Manager do?
As the first savings management solution to capture strategies and savings from inception to realization, Portfolio Savings Manager allows cross-functional team members throughout your organization to collaborate and identify potential savings projects, prioritize project lists, designate approved projects and track the results over time.
Download the Portfolio Savings Manager datasheet.
If you’re like most organizations, you continuously seek to improve operational and financial efficiencies, numerous savings initiatives occur concurrently across departments. Portfolio Savings Manager gives your organization greater insight and full transparency regarding the status of each initiative. All stakeholders, even senior executives, have real-time visibility into each savings initiative. PSM also enables your procurement and sourcing teams to collaborate on activities with a common language through a central collaboration tool. Users at any level within your organization will now be able to standardize, prioritize, measure and monitor projects within PSM.
Why would my organization need Portfolio Savings Manager?
In a recent poll administered by TechValidate, we asked procurement professionals how they currently track saving initiatives. Most have a process and a project management tool in place, whether it is spreadsheets, workflow plans, databases or dashboard reports.
There are three major disadvantages with leveraging these products for tracking savings initiatives:
- They require manual data entry.
- They offer limited visibility.
- They don’t provide real time updates.
PSM solves each of these issues by providing the functionality of a complex workflow app that includes the capabilities of spreadsheets, process outlining of workflow plans, the historical accounting of databases and the reporting capabilities of dashboards. Through a single interface that’s integrated with the powerful SciQuest Source-to-Settle Suite, or as a single point solution, you will benefit from multiple offerings to achieve an all-encompassing savings tracking and management solution. With a single source of truth, you can prioritize projects, leverage automated workflow, and have complete tracking all within a central repository. (No more looking for the latest version of that spreadsheet!)
With highly configurable dashboard and reports, Portfolio Savings Manager automatically calculates the “to date” savings and recalculates the overall forecast combining actuals for past period and forecasts for future reporting periods.
Teams of people collaborating on projects generate great ideas. Now with the right technology as a catalyst, you will discover ways to improve inter-departmental connections within your organization and improve your bottom line. Portfolio Savings Manager is a product born out a collaboration between our customers and SciQuest. By working together, we can achieve extraordinary things.
As chief marketing officer, Karen Sage is responsible for SciQuest’s global marketing and communications initiatives. She is a 20-year technology veteran known for building customer growth, new-market-creation, thought leadership, and brand.