What is Zycus iSave – Financial Savings Management Solution?
iSave is a financial management software solution that tracks cost savings at different stages in the project and involves finance early on in this process to validate the savings as and when they are registered. iSave provides procurement with the ability to:
- Track& segregate savings across multiple dimensions and functional boundaries
- Incorporate accepted best practices into savings and management process
- Ensure compliance with different contractual & procurement processes
iSave start by observing your needs and subsequently empower solutions to help you meet your procurement objectives. Consequently, you will have a greater business impact through:
- Calculation of the impact of procurement saving on P&L and balance sheet
- Ensured transparency into forecasted and achieved savings by maintaining a single version of truth
- Mapping and automation of existing approval workflows for efficient collaboration between procurement and finance
Since the Zycus iSave Solution is fully configurable, incorporates accepted best practices, and can simulate any savings-tracking process, there is no limit to how procurement leaders might use the resulting information and insights to drive enterprise performance to new heights.
What will you get by purchasing the product?
A single version of truth
A single version of truth ensures transparency into forecasted and achieved savings
Auto conversion
Auto conversion of procurement into impact on P&L and balance sheet
Map and automate workflows
Map and automate existing workflows for efficient collaboration between procurement and finance
Effective Reporting
Accurate and transparent reporting of savings
Performance Monitoring
Monitor performance and take required actions in time
Consolidated comparative view across individual projects
Consolidated comparative view of forecasted savings to budget level and actual spend across individual projects
Here are the detailed features of the product:
01. Alignment
With Zycus iSave, procurement organizations can:
- Structure and share procurement cost-savings information through a single platform
- Calculate and map the impact of procurement savings to top-line financial measures such as profit and loss, cash flow, cost of goods sold, and balance sheet
02. Validation
Zycus enabling procurement to:
- Employ workflow to obtain validation of procurement cost of savings from stakeholders
- Allocate savings clearly and equitably among stakeholder organizations
03. Credibility
Zycus iSave empowers procurement to:
- Characterize and segregate cost savings types, such as hard, soft, avoidance, revenue share, and so forth
- Characterize savings by sourcing strategy employed, for example –volume, negotiation, etc
- Track savings through configurable stages, for example: forecasted, realized, actual, budget down, reinvest, and so on.