PRINCETON, N.J. SEPTEMBER 10, 2015 - Zycus, the leading source-to-pay procurement solutions provider, has released results of a new in-depth 2015 Procurement Performance Measurement and Management study
The study’s objective was to understand how enterprise procurement organizations across multiple regions measure their own performance and how they use key performance metrics (KPIs) to drive strategy execution and innovation among their teams. Key findings:
- Procurement organizations have made great strides in their capacities for capturing data points needed to construct highly refined measures of procurement individual and team performance.
- Especially in the area of cost-savings measurement, procurement organizations worldwide have developed sophisticated, multi-tiered systems for classifying, documenting, and allocating savings to departmental budgets, P&L, or other financial statements.
- Improvements to procurement information systems and integration with other corporate systems have precipitated an explosion in the numbers of Key Performance Indicators (KPIs) tracked by procurement.
- Nonetheless, procurement organizations continue to struggle with multiple aspects of procurement performance measurement. A lack of time and resource, force many CPOs to make concessions in how thoroughly they track and report on team performance. While procurement organizations have added various new KPIs, many continue to track older, obsolete metrics that do not serve the function well.
“As one of the only technology providers dedicated wholly to driving procurement-led business performance improvement, to resolving long-standing information and process management challenges for the function; we continue to invest heavily in procurement-focused research,” says Zycus CEO and founder Aatish Dedhia. “While the research helps Zycus to identify and zero in on key pain points and challenges in procurement, it is also intended to help CPOs and other procurement leaders to benchmark and understand where their organisations fit into the global landscape for advanced strategic sourcing, procurement, and supply management. All are encouraged to download and study this valuable, free report.”
Click here to obtain a copy of the complete research report: Procurement Performance Management Comes of Age.
Manager- Public Relations, Zycus Inc.
Direct: 1 866 563 9219