What is Cost Avoidance?
Cost avoidance is implemented, for example, through successful negotiations, without which a product or a service would be purchased at an even higher price.
Cost avoidance must be posted as the success of the procurement department as well. However, the projection on the items of the profit and loss statement is not possible and seldom recognized by finance management such that many companies use this key indicator more in a neglectful manner.
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Impact & Savings Tracking is a full featured suite for planning, steering, controlling and administering of sourcing initiatives. You can use this software to plan and create sourcing initiatives, define savings targets, assign responsible staff members or teams to initiatives, determine sourcing levers, set activities and milestones, as well as monitor and analyze them easily by using innovative visualizations and dashboards.Request a Demo for Impact & Savings Tracking more about Impact & Savings Tracking
Here you will find important terms related to spend management explained in a clear way. Small knowledge base for quick information or in full for your further education. This controlling glossary is constantly being expanded and improved.
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