This guide will walk you through the process of creating a savings record in oboloo. Follow these steps to efficiently create and manage your savings records.
Tip: To add a new a savings type, location, department, currency or category & sub-category go to settings > Configurations
Steps for Creating a Savings Record
Step 1: Access Savings Management
- Navigate to the Savings Management page via the left-hand menu.
- Click the Create Savings Record button above the table. This will open the wizard.
Step 2: Populate Savings Summary Fields
- On the first wizard page, fill in the savings summary fields.
- Click Next. The saving will automatically be saved as a draft, and you can come back to it later to complete it or continue to create it.
- Tip: You can link a supplier and/or a contract to the savings activity on this page. Any savings linked to a supplier or contract will show up under the Savings tab in the respective supplier or contract record.
Step 3: Choose Milestone Builder
- The second wizard page offers two options:
- Automated Milestone Builder: Effortless system-generated milestones based on fixed time periods.
- Custom Milestone Builder: Manually create your own milestones based on flexible time periods.
Step 4: Automated Milestone Builder
- If you choose the Automated Milestone Builder, complete the following fields:
- Savings Start Date: The start date for the first milestone.
- Frequency of Milestone: How often you want milestones (monthly, quarterly, bi-annual, or annually).
- Number of Milestones: The total number of milestones.
- Total Baseline Spend: The budget approved for the project.
- Projected Cost Reduction (across all milestones): The anticipated reduction in costs throughout the project.
- Projected Cost Avoidance (across all milestones): The anticipated cost avoidance throughout the project.
2. Click Next. The builder will create all the milestones specified, split the baseline spend, and savings equally across each milestone.
Step 5: Customize Milestones
- On the third wizard page, review the automatically generated milestones. You can:
- Amend each milestone as needed.
- Give each milestone a name.
2. Click Next
Step 6: Review Savings Record
- The fourth wizard page shows a summary of your savings record, including all projected financials and projected savings for the project.
- You can either click Previous to go back and amend the record or click Create Saving to finalize it.
Step 7: Custom Milestone Builder
- If you choose the Custom Milestone Builder on the second page:
- Specify the number of milestones.
- On the third wizard page, manually enter the start and end date, baseline spend, projected cost reduction, and projected cost avoidance for each milestone.
2. Follow the same process as above to review and finalize the savings record.
Final Step: Accessing the Savings Record
- Once created, the savings record will be available at the top of the savings management table.
- Click on the savings record to view it. You will be able to view the milestones built under the Milestones tab
By following these steps, you can efficiently create and manage savings records in oboloo, ensuring accurate tracking and reporting of savings activities.