Guide To Procurement Performance Management | Kronos Group

With procurement taking a more pronounced presence in business operations, the need for continuous improvement in its functions is apparent. Implementing procurement performance management practices is one of the most effective methods to fulfil this need.

Procurement has seen a dramatic rise in focused improvement in recent years, especially with the effects of the pandemic. These unprecedented effects alongside volatile geopolitical conditions and unreliable economic performance exposed the myriad of bottlenecks in organisational supply chains.

This is one of the many reasons procurement has a renewed focus across nations and industries. Organisational leaders have also identified the sheer depth of advantages it can bring to their business functions, further encouraging this investment.

However, procurement is not without its challenges. The very reasons it gained prominence, i.e. the effects of the pandemic, are a formidable challenge for effective supply chain operations even today.

How can organisations hope to establish procurement processes that deliver the results they expect? The answer is continuous improvement. Keeping track of and adapting to the changing landscape of procurement offers opportunities for organisations to dramatically improve their procurement function, enhancing the resilience of the supply chain, improving efficiency and profitability, and driving growth.