Procurement Best Practice Benchmarks are the standards for managing, executing and measuring procurement activities. They provide guidance around best practices for purchasing goods and services, from supplier selection to contract negotiation to delivery. They can help organizations optimize their procurement process and save money by obtaining maximum value from every purchase. By following guidelines laid out in these benchmarks, companies can ensure they are using the most efficient processes available to get the desired results. When combined with accurate data and metrics, these benchmarks can become a critical tool for successful procurement operations.