Contract Management Metrics for Improving Your Procurement Efforts

Written by fogal.amelio | Published 2019/08/12
Tech Story Tags: contract-management | management-metrics | improve-procurement-efforts | latest-tech-stories | crocurement-cycle-time | contract-non-compliance-rates | supplier-spend-ratios | contract-cost-saving

TLDR The metrics that have the most direct relationship to procurement are: Vendor Contract Cost Savings, Contract Non-Compliance Rates and Supplier-Spend Ratios. The higher the rate of non-compliance, the more waste there is in your procurement process. The longer it takes to make a procurement deal, the harder it is to deliver on time. Long procurement cycles not only waste time, but they also disrupt investor and customer relationships. Procurement becomes more efficient as the best vendors are prioritized, and the worst performing vendors are replaced.via the TL;DR App
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Published by HackerNoon on 2019/08/12
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