A key performance indicator (KPI) is a method of measuring and tracking the effectiveness of different functions within the procurement process. KPIs can be used to evaluate contract performance, supplier quality and pricing, as well as certain aspects of completed project work. The value of establishing KPIs comes from the data they provide during regular review when updating strategies and objectives.
Free webinar: Mastering Requisitions Streamline Your Procurement Process for Maximum Efficiency January 21, 2025
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