{"id":2191,"date":"2006-10-01T12:01:00","date_gmt":"2006-10-01T12:01:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2006\/10\/01\/cost-savings-reporting\/"},"modified":"2021-07-29T03:43:34","modified_gmt":"2021-07-29T07:43:34","slug":"cost-savings-reporting","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/cost-savings-reporting\/","title":{"rendered":"Cost Savings Reporting"},"content":{"rendered":"<p>I hope that you have enjoyed the article \u201cCost Savings Reporting: Dot The I&#8217;s\u201d<\/p>\n<p>An additional cost savings reporting formula with which you will want to be familiar is this:<\/p>\n<p>Savings = (LYP x TYQ) \u2013 (TYP x TYQ)<\/p>\n<p>Where,<\/p>\n<p>LYP = Last year\u2019s price<\/p>\n<p>TYQ = This year\u2019s quantity<\/p>\n<p>TYP = This year\u2019s price<\/p>\n<p>If you explain this formula to managers in conjunction with the principles taught in the aforementioned article, they are more likely to understand how you are coming up with the metrics in your cost savings report. Let\u2019s do an example\u2026<\/p>\n<p>LYP = $5<\/p>\n<p>TYQ = 100,000<\/p>\n<p>TYP = $4<\/p>\n<p>Savings = ($5 x 100,000) \u2013 ($4 x 100,000)<\/p>\n<p>Savings = $500,000 \u2013 $400,000<\/p>\n<p>Savings = $100,000<\/p>\n<p>I hope that the article and this blog post help you develop more believable cost savings reporting procedures. Good luck!<\/p>\n<p><a href=\"https:\/\/www.certitrek.com\/nlpa\/individuals\/membership\/\">Become a member of one of the world\u2019s largest procurement associations today.<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Recommended Reading\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/lms.nextlevelpurchasing.com\/course\/view.php?id=6\">14 Procurement Best Practices<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/lms.nextlevelpurchasing.com\/\">A Reflection on Total Cost of Ownership<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/lms.nextlevelpurchasing.com\/course\/view.php?id=23\">Finance for Strategic Procurement (Advanced)<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/lms.nextlevelpurchasing.com\/course\/view.php?id=22\">Finance for Strategic Procurement (Fundamentals)<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/lms.nextlevelpurchasing.com\/course\/view.php?id=9\">Mastering Procurement Tactics<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/lms.nextlevelpurchasing.com\/\">Procurement Best Practice Execution<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/lms.nextlevelpurchasing.com\/course\/view.php?id=8\">Savings Strategy Development<\/a><\/strong><\/li>\n<\/ul>\n<p>Visit <a href=\"https:\/\/lms.nextlevelpurchasing.com\"><strong>NLPA Learning<\/strong><\/a>, the new home to all of our certifications and online courses. NLPA Learning also includes learning resources, including live and on-demand webinars, publications and reports, articles, templates, white papers, and much more!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I hope that you have enjoyed the article \u201cCost Savings [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":4079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,22,100],"tags":[],"class_list":["post-2191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cost-reduction","category-procurement-processes","category-spend-analysis"],"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 Reporting - Next Level Purchasing Association (NLPA)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/cost-savings-reporting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cost Savings Reporting\" \/>\n<meta property=\"og:description\" content=\"I hope that you have enjoyed the article \u201cCost Savings [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.certitrek.com\/nlpa\/blog\/cost-savings-reporting\/\" \/>\n<meta property=\"og:site_name\" content=\"Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\" \/>\n<meta property=\"article:published_time\" content=\"2006-10-01T12:01:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-29T07:43:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/11\/nlpa-images-089.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Galo Matagay\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:site\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Galo Matagay\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/cost-savings-reporting\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/cost-savings-reporting\/\"},\"author\":{\"name\":\"Galo Matagay\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/person\/72d094fab77892483dfa6e061cb27eaa\"},\"headline\":\"Cost Savings Reporting\",\"datePublished\":\"2006-10-01T12:01:00+00:00\",\"dateModified\":\"2021-07-29T07:43:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/cost-savings-reporting\/\"},\"wordCount\":207,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#organization\"},\"articleSection\":[\"Cost Reduction\",\"Procurement Processes\",\"Spend Analysis\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.certitrek.com\/nlpa\/blog\/cost-savings-reporting\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/cost-savings-reporting\/\",\"url\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/cost-savings-reporting\/\",\"name\":\"Cost Savings Reporting - 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