{"id":8627,"date":"2021-01-18T09:19:20","date_gmt":"2021-01-18T14:19:20","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/?page_id=8627"},"modified":"2023-07-28T11:12:23","modified_gmt":"2023-07-28T15:12:23","slug":"cost-savings","status":"publish","type":"page","link":"https:\/\/www.certitrek.com\/nlpa\/news\/purchasing-articles\/cost-savings\/","title":{"rendered":"Cost Savings"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:50px;--awb-padding-bottom:50px;\" >\n<div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1144px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\">\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\">\n<div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\">\n<div class=\"fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-three\">\n<h3 class=\"title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:32;line-height:1.3;\">Cost Savings: Tips For Recording Them<\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\">\n<div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\">\n<div class=\"fusion-text fusion-text-1\">\n<p>PurchTips edition #118<\/p>\n<\/div>\n<div class=\"fusion-title title fusion-title-2 fusion-sep-none fusion-title-text fusion-title-size-four\" style=\"--awb-margin-bottom:0px;\">\n<h4 class=\"title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:24;line-height:1.36;\">Are You Optimally Recording Your Cost Savings<\/h4>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\">\n<div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\">\n<div class=\"fusion-text fusion-text-2\">\n<p>One of the most important practices in demonstrating Purchasing&#8217;s value to the organization is tracking and reporting cost savings. When you achieve cost savings, there is important data you should log, such as:<\/p>\n<ul>\n<li>Date<\/li>\n<li>Description of Product or Service<\/li>\n<li>Baseline Price<\/li>\n<li>Type of Baseline or Type of Savings<\/li>\n<li>Current Price<\/li>\n<li>Quantity<\/li>\n<li>Cost Savings<\/li>\n<li>Buyer<\/li>\n<li>Supplier<\/li>\n<li>Cost Center<\/li>\n<li>Category or Commodity<\/li>\n<\/ul>\n<p>Allow me to elaborate on some of these items&#8230;<\/p>\n<p>Baseline Price. Cost savings is the difference between your current price and a higher price, called a baseline.<\/p>\n<p>Type of Baseline or Type of Savings. Baselines may include last year&#8217;s price, originally proposed price, cost to produce internally, etc. The baseline may determine whether management deems the impact an avoidance or cost savings and may only be interested in the latter.<\/p>\n<p>Cost Savings. This field should be automatically calculated by multiplying the quantity by the difference between the baseline price and the current price.<\/p>\n<p>Cost Center. Reporting your cost savings by cost center helps Purchasing demonstrate the positive impact it made on a specific department&#8217;s budget.<\/p>\n<p>Here are three more tips for recording cost savings:<\/p>\n<ul>\n<li>Record Price Increases, Too. Reporting &#8220;net&#8221; cost savings will better match your reports to financial statements, making your reports more believable.<\/li>\n<li>Use A Database Not A Spreadsheet. Databases allow you to create separate tables for certain fields and, therefore, select from lists that will ensure the integrity of the data and make it easier to aggregate.<\/li>\n<li>Use Actual Quantities. While estimated quantities save you the work of having to routinely update the cost savings log, estimated quantities usually vary from actual quantities, which can damage the integrity of your cost savings report if upper management scrutinizes it.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:50px;--awb-padding-bottom:50px;--awb-background-color:#f3f7fa;\" >\n<div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1144px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\">\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_3 1_3 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:33.333333333333%;--awb-margin-top-large:0px;--awb-spacing-right-large:5. (<a href=\"https:\/\/heartfulness.org\/yoga4unity\/purchasing-generic-valium-online\/\">Valium<\/a>) 76%;&#8211;awb-margin-bottom-large:20px;&#8211;awb-spacing-left-large:5.76%;&#8211;awb-width-medium:100%;&#8211;awb-order-medium:0;&#8211;awb-spacing-right-medium:1.92%;&#8211;awb-spacing-left-medium:1.92%;&#8211;awb-width-small:100%;&#8211;awb-order-small:0;&#8211;awb-spacing-right-small:1.92%;&#8211;awb-spacing-left-small:1.92%;&#8221;><\/p>\n<div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\">\n<div class=\"fusion-title title fusion-title-3 fusion-sep-none fusion-title-center fusion-title-text fusion-title-size-five\" style=\"--awb-text-color:#004c8f;\">\n<h5 class=\"title-heading-center fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:21;--minFontSize:21;line-height:1.4;\">Do You Want a More Rewarding Procurement Career?<\/h5>\n<\/div>\n<div class=\"fusion-image-element \" style=\"text-align:center;--awb-margin-bottom:15px;--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\" style=\"border:2px solid #f6f6f6;\"><img decoding=\"async\" width=\"500\" height=\"259\" title=\"spsm_verify\" src=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/spsm_verify.jpg\" data-orig-src=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/spsm_verify.jpg\" alt class=\"lazyload img-responsive wp-image-7525\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27500%27%20height%3D%27259%27%20viewBox%3D%270%200%20500%20259%27%3E%3Crect%20width%3D%27500%27%20height%3D%27259%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/spsm_verify-200x104.jpg 200w, https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/spsm_verify-400x207.jpg 400w, https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/spsm_verify.jpg 500w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1024px) 100vw, (max-width: 640px) 100vw, 400px\" \/><\/span><\/div>\n<div class=\"fusion-text fusion-text-3\">\n<p>Are you tired of not getting enough opportunities, respect, and money out of your procurement career? Well, guess what? Nothing will change unless you take action towards becoming a world-class procurement professional.<\/p>\n<p>Earning your SPSM Certification is the action to take if you want to bring the most modern procurement practices into your organization and achieve your career potential. Download the SPSM Certification Guide today to learn how to get started on your journey to a more rewarding procurement career!<\/p>\n<\/div>\n<div style=\"text-align:center;\"><a class=\"fusion-button button-flat fusion-button-default-size button-default fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" target=\"_self\" rel=\"noopener\"><span class=\"fusion-button-text\">Download<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_3 1_3 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:33.333333333333%;--awb-margin-top-large:0px;--awb-spacing-right-large:5.76%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:5.76%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\">\n<div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\">\n<div class=\"fusion-title title fusion-title-4 fusion-sep-none fusion-title-center fusion-title-text fusion-title-size-five\" style=\"--awb-text-color:#004c8f;\">\n<h5 class=\"title-heading-center fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:21;--minFontSize:21;line-height:1.4;\">Need Better Performance From Your Procurement Team?<\/h5>\n<\/div>\n<div class=\"fusion-image-element \" style=\"--awb-margin-bottom:15px;--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-2 hover-type-none\" style=\"border:2px solid #f6f6f6;\"><img decoding=\"async\" width=\"500\" height=\"252\" title=\"services\" src=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services.jpg\" data-orig-src=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services.jpg\" alt class=\"lazyload img-responsive wp-image-7524\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27500%27%20height%3D%27252%27%20viewBox%3D%270%200%20500%20252%27%3E%3Crect%20width%3D%27500%27%20height%3D%27252%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services-200x101.jpg 200w, https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services-400x202.jpg 400w, https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services.jpg 500w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1024px) 100vw, (max-width: 640px) 100vw, 400px\" \/><\/span><\/div>\n<div class=\"fusion-text fusion-text-4\">\n<p>Are you a procurement leader whose team isn\u2019t achieving the results you know are possible? Maybe it\u2019s not enough cost savings. Or frustrating performance from the supply base. Or dissatisfied internal customers.<\/p>\n<p>You need a performance improvement plan that\u2019s easy to implement and quick to produce results. The NLPA can help.<\/p>\n<p>Download our whitepaper \u201cThe Procurement Leader\u2019s Guide To A More Successful Team.\u201d You\u2019ll learn the 7 steps for transforming your staff into a results-producing, world-class procurement team.<\/p>\n<\/div>\n<div style=\"text-align:center;\"><a class=\"fusion-button button-flat fusion-button-default-size button-default fusion-button-default button-2 fusion-button-default-span fusion-button-default-type\" target=\"_self\" href=\"https:\/\/lms.nextlevelpurchasing.com\/products\/the-procurement-leaders-guide-to-a-more-successful-team\" rel=\"noopener\"><span class=\"fusion-button-text\">Download<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_3 1_3 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:33.333333333333%;--awb-margin-top-large:0px;--awb-spacing-right-large:5.76%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:5.76%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\">\n<div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\">\n<div class=\"fusion-title title fusion-title-5 fusion-sep-none fusion-title-center fusion-title-text fusion-title-size-five\" style=\"--awb-text-color:#004c8f;\">\n<h5 class=\"title-heading-center fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:21;--minFontSize:21;line-height:1.4;\">Are You Getting The Most Out of Your NLPA Membership?<\/h5>\n<\/div>\n<div class=\"fusion-image-element \" style=\"--awb-margin-bottom:15px;--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-3 hover-type-none\" style=\"border:2px solid #f6f6f6;\"><img decoding=\"async\" width=\"500\" height=\"252\" title=\"services-contracting\" src=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services-contracting.jpg\" data-orig-src=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services-contracting.jpg\" alt class=\"lazyload img-responsive wp-image-7523\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27500%27%20height%3D%27252%27%20viewBox%3D%270%200%20500%20252%27%3E%3Crect%20width%3D%27500%27%20height%3D%27252%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services-contracting-200x101.jpg 200w, https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services-contracting-400x202.jpg 400w, https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services-contracting.jpg 500w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1024px) 100vw, (max-width: 640px) 100vw, 400px\" \/><\/span><\/div>\n<div class=\"fusion-text fusion-text-5\">\n<p>Members of the NLPA get more than just articles like this by email. As a member, you also get access to:<\/p>\n<ul>\n<li>The Procurement Training &amp; Certification Starter Kit<\/li>\n<li>The latest Purchasing &amp; Supply Management Salaries Report<\/li>\n<li>Leading-Edge Supply Management\u2122 magazine<\/li>\n<li>Members-only webinars 10x per year<\/li>\n<li>And more!<\/li>\n<\/ul>\n<p>If you haven\u2019t been taking advantage of these benefits, why not log in and start now?<\/p>\n<\/div>\n<div class=\"fusion-builder-row fusion-builder-row-inner fusion-row fusion-flex-align-items-flex-start\" style=\"width:104% !important;max-width:104% !important;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\">\n<div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-0 fusion_builder_column_inner_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\">\n<div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\">\n<div class=\"md-text-align-center sm-text-align-center\"><a class=\"fusion-button button-flat fusion-button-default-size button-default fusion-button-default button-3 fusion-button-default-span fusion-button-default-type btn1\" target=\"_self\" rel=\"noopener\"><span class=\"fusion-button-text\">Login<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-1 fusion_builder_column_inner_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\">\n<div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\">\n<div class=\"md-text-align-center sm-text-align-center\"><a class=\"fusion-button button-flat fusion-button-default-size button-default fusion-button-default button-4 fusion-button-default-span fusion-button-default-type btn1\" target=\"_self\" rel=\"noopener\"><span class=\"fusion-button-text\">Join<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cost Savings: Tips For Recording Them PurchTips edition #118 Are [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"parent":7514,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"100-width.php","meta":{"footnotes":""},"class_list":["post-8627","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v19.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cost Savings: Tips For Recording Them - NLPA<\/title>\n<meta name=\"description\" content=\"Achieving cost savings is obviously important. 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