KPI (Key Performance Indicators)

Key Performance Indicators (KPI) are measurable metrics used to measure the success of an organization’s procurement strategy in relation to objectives. KPIs provide a clear indication of how effectively an organization is meeting its goals. Examples of common KPIs in procurement include cost savings, vendor management, customer satisfaction score, and delivery time. By tracking these variables and making adjustments as needed, organizations can track their progress and ensure their strategies remain effective and efficient.