Benefit Bank FAQs
Frequently asked questions from Benefit Bank users.
- What is the Benefit Bank?
- Who can use it?
- When should a benefit be submitted?
- How do I log into the Benefit Bank?
- What if I did not receive a password?
- Who do I call if I need help?
- What is a transactional benefit?
- What is a sourcing benefit?
- Why is benefit duration important?
- What is the difference between a forecasted and identified sourcing benefit?
- What is a missed benefit opportunity?
The Benefit Bank is an online tool to track the benefit (i.e., savings) that all UC procurement professionals deliver to the university through their sourcing activities.2. Who can use it?
All Procurement staff at each campus who are involved in purchasing and strategic sourcing.
Anytime an order is executed or a contract is established that results in a cost reduction, cost avoidance, incentive, or revenue.
You will log into the Benefit Bank using your UC email address and a password provided to you via email.
If you did not receive a password, please notify the Benefit Bank administrator at firstname.lastname@example.org.
- If you have a question about the benefit methodology, please speak to your Approver.
- If you are experiencing an issue within the Benefit Bank, email the Benefit Bank Administrator.
- Training material can be found here.
Sourcing benefit is defined as a recurring benefit-generating activity that is the result of purchasing actions (i.e., RFP, reverse auction, or negotiation for a defined period of time).
Benefit duration tells us how long an identified sourcing benefit will last. This is important for calculating overall savings to the university.
A forecast is something you would log at the onset of a strategic sourcing project as an estimate of what you’ll achieve after an RFx and/or negotiations. An identified sourcing benefit is the amount of benefit UC will achieve based on the winning supplier’s pricing after an RFP or negotiation takes place.
Missed benefits are the sum of benefits that were not achieved due to strategic and preferential purchasing decisions.