Procurement benchmarks are a set of standards used to measure the performance of a company’s procurement process. They provide an objective measure of how well a company is managing its procurement activities, from the initial sourcing of goods and services to the final delivery of the product or service. By comparing the performance of a company’s procurement process to the benchmarks, it is possible to identify areas for improvement and ensure that the company is getting the best value for its money. Procurement benchmarks can also be used to assess the effectiveness of a company’s supplier relationships, ensuring that the company is getting the best quality goods and services at the best possible price. By using procurement benchmarks, companies can make sure that their procurement process is as efficient and cost-effective as possible.