Procurement Performance Management
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What is...
Procurement Performance Management Software
Procurement Performance Management is the strategic approach to measuring, analyzing, and optimizing the effectiveness of an organization's procurement function through goal-setting, performance tracking, and strategies for continuous improvement.
Procurement's performance is most often focused on their contribution to cost savings, supplier performance, compliance and risk management, process efficiency, and ESG, although they are increasingly responsible for demonstrating strategic value. Procurement Performance Management includes analytics tools and dashboards that can track procurement's progress in these areas and benchmark their efforts against industry standards or internal targets.
By continuously demonstrating, communicating, and reinforcing their value to the business through Procurement Performance Management, procurement can deepen their influence and strategic value to the business and make data-driven decisions about how to improve.