Procurement Key Performance Indicators, or KPIs, are a set of measurable values used to evaluate the effectiveness and efficiency of procurement activities. These KPIs provide a vital insight into how well the procurement process is functioning, allowing organizations to identify areas for improvement and take the necessary steps to ensure their procurement operations are running smoothly. Key performance indicators are typically used to measure the effectiveness of procurement processes in terms of cost savings, risk management, supplier diversity, and compliance. When established and tracked properly, KPIs can provide organizations with a holistic view of their procurement performance, enabling them to make informed decisions and improve their overall operations. Additionally, KPIs can also be used to assess supplier performance, allowing organizations to quickly identify any areas of supplier risk or inefficiency. By using KPIs to monitor and evaluate procurement activities, organizations can ensure that they are getting the best value for their money.