Best-in-class Procurement teams continually produce value beyond cost savings. They drive collaboration across departments, discourage inefficiency, and promote strategic practices throughout their company's operations. Many organizations, however, lack even a basic system for tracking and reporting on Procurement's performance.
Implementing metrics is an essential step in evolving your Procurement function. By demonstrating their value, tactical purchasing teams can earn company-wide support and mature into more strategic units. Why doesn't every company take a closer look? Simply put, they're too intimidated by the numbers.
In our data driven world, tools and technologies grow more complicated every day. Measuring Procurement's performance can look like a time-consuming, costly, and confusing task. Jennifer Engel, a Senior Project Analyst at Source One, knows it doesn't have to be.
On Source One's latest podcast episode, she shares five straight-forward metrics for determining Procurement's value. Ranging from cost savings to spend under contract, these simple measurements give businesses a better understanding of the department's workload, its efficiency, and its potential for growth.
Contact Source One's Procurement expert today to learn more about measuring and optimizing the efforts of your sourcing staff.