A simple excel sheet with 14 Headings used to help you track cost reduction and savings initiatives.
You can create a cost reduction tracker for free it might take 5 or 10 minutes but for busy professionals, this is five minutes wasted that could be used when you need to save precious time when managing several projects or contracts.
The tracker is suitable for contract management savings initiatives. ( assume that contracts are in place) although an RFI is used this is to gather intelligence and not used as a traditional PQQ (i.e. suppliers are not being pre-qualified) some suppliers may be resistant to filling in more forms and moan about procurement paperwork. If required go through the questions as part of the regular service review meeting.
Most companies spend a lot of time and effort preparing a tender sometimes with a big project team, but once the contract is signed the benefits are not measured. Kick start your continuous improvement initiative with key suppliers and use the spreadsheet to track high-level progress.