Transforming Procurement's Approach to Measuring its Performance and Engaging the Business
Transform the way Procurement measures and reports on its performance to better engage stakeholders and suppliers.
Procurement is evolving. Reactive buying groups are growing into strategic business partners, but making the next step means communicating Procurement’s value to the business. Doing this requires the right metrics, data, and visualization capabilities. For decades, Corcentric’s team has helped companies develop metrics and Key Performance Indicators for their Procurement groups and design effective reports for communicating its value to other stakeholders. Even the most sophisticated procurement teams can lack the right knowledge on designing valuable metrics and the resources to capture and interpret the data to report on those metrics.
Our procurement and sourcing metrics experts can help.
We understand the full breadth of procurement reporting needs and how to manipulate and interpret available data from a variety of sources to produce reports that make an impact.
Are you ready to start defining and communicating Procurement’s Value more effectively?
To demonstrate procurement’s value, you must collect relevant metric data, organize it accordingly, process the information in a way that makes sense for your Strategic Sourcing & Procurement goals, and present the information in way that is easy for business stakeholders to understand.
Ask the following key questions to begin discussing Procurement’s maturity and planning a Procurement Transformation.
What Procurement metrics are you tracking?
- Are they the right metrics for your Sourcing & Procurement Team?
- Do they capture all relevant aspects of your Sourcing & Procurement team’s performance?
- Are some of them distractions or outdated and in need of refinement?
Why are you tracking these Procurement metrics?
- Do they further your Sourcing & Procurement Team’s progress toward defined cost reduction or value-generating goals?
- Do these Procurement metrics matter to functional stakeholders?
How are you validating and reporting these Procurement metrics?
- Do you have the right procurement data?
- Are you using the right tools to communicate them?
- Do you have the right people tracking and reporting in a way that will align with and make sense to the company’s various stakeholders?
- Are you routinely reviewing and refining your approach to Procurement metrics?
Contact the Procurement Metrics Experts