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January 17, 2019 | Bonfire Interactive
Is implementing metrics to measure your procurement one of the items on your to-do list for 2019?
If so, we’re here to help you get started. In last week’s post, we covered the basics of procurement metrics: why you should track them, where to begin, and some key considerations to set you on the right track. Now, it’s time to select the metrics that make sense for your team and will help you advance towards key organizational goals this year. Here are some options to get you started.
First things first! If you’re looking to measure the quality of the RFPs you’re sending to market, these metrics offer a great place to start:
In public sector procurement, internal client satisfaction is among the most important measures of performance — just as important as supplier performance and cost savings, according to the Deloitte CPO Survey Report 2018. Here are some metrics to capture this:
Further reading: How State of Michigan uses Net Promoter Score (NPS) to measure internal client satisfaction
This can be a difficult metric to define, depending on your organization’s process, the types of projects you typically run, and the amount of historical detail you have. Some of the metrics which may be relevant include:
The talent gap in procurement is much-discussed, so it is good practice for teams to keep tabs on the happiness of their workforce. Some of the basic metrics for this include:
For many procurement teams, it can be difficult to find the time for any non-essential reporting or measurement. However, getting some key metrics in place can help you save time in the long run by providing clarity on how your team is performing against your goals. With this knowledge, you can direct your resources in the most efficient way possible towards improvement.
Bonfire helps public procurement teams reach better sourcing outcomes through an experience that’s blazingly fast, powered by peer insights, and so easy to use—vendors love it just as much as buyers do.
Unearth how your procurement metrics compare to other public sector organizations.