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Ep 25 Inside Procurement: Benchmark Vs. Best Practices
In our second episode this week, Omer Abdullah explores Benchmarks Vs. Best Practices in the procurement function – particularly when and how to use benchmarks, and where to obtain best practices from.
Benchmarks are a means to drive high performance, but how much emphasis should be placed on them in a function? Are they legitimate and valuable? The term comes up frequently in discussions around functional and corporate performance, and senior executives do like to use benchmarks to quantify both financial and operational performance. However, although benchmarking is an important tool, it does have constraints –…
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