“Without data, you’re just another person with an opinion.”
You’ve probably heard that expression by pioneering management consultant and quality guru W. Edwards Deming.
Deming inspired efforts to identify meaningful performance metrics in every area of business. When you track the things that are most important, it becomes apparent where problems lie and when you are making progress towards your goals.
Procurement is no different, and most modern procurement organizations have a suite of indicators for feedback on their performance. Efficient procurement depends on systematically analyzing spend data. The three big categories of KPIs (key performance indicators) for procurement look at quality, delivery and cost savings.
But which numbers are most illuminating? And which KPIs belong on today’s dashboard for procurement executives? Read on for our top 10 nominees.
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