by Vishal Patel
Historically, so much of what Procurement teams did went unnoticed. Ensuring employees are able to easily buy the things they need to do their jobs, flagging high risk suppliers before they become a problem, helping suppliers develop and improve their own practices, ensuring services are not disrupted, supporting small and diverse businesses, etc. Of course, over the last few years, the role of Procurement has become more visible, in large part due to broader recognition of the value and closely monitored and tracked performance metrics that are now more mainstream. Over the last 12-18months, Procurement’s value to an organization has been made abundantly clear and this time it was noticed at the highest levels.
Now, looking forward, while cost management is certainly of concern, so is restoring growth, building resilience, accelerating ESG related initiatives, actively monitoring procurement risk and much more. When these are viewed from a Procurement lens, there is significant value that can be added to drive and execute on these initiatives. With the heightened visibility, the Procurement team’s priorities are only growing.
Over the last decade, Ardent Partners and my friend Andrew Bartolini have been benchmarking and tracking key metrics across Procurement organizations around the world. In this edition of the Procurement Metrics That Matter in 2021 report, over 350 Procurement leaders shared their strategies, intentions and performance results as reported during the Covid-19 pandemic.
Here are some of my takeaways.
Above are just some of the highlights from the report, there is much more that will enable procurement teams to benchmark their performance against the Best-in-Class across metrics such as:
Vishal has spent the last 15 years in various roles within the Procurement and Supply Chain technology market. As an industry analyst, he researched and advised organizations in various industries on best and innovative practices, digitization and optimization. He brings a thorough understanding of market trends and digital technologies that can help enterprises be more effective with their Procurement and Supply Chain strategies. He works to ensure that organizations are empowered with technology platforms that enable flexibility, innovation, and agility.
You can connect with Vishal on Linkedin