Procure-to-pay (P2P)

Procurement metrics, also known as Key Performance Indicators (KPIs), are a set of quantifiable measurements used to evaluate and monitor the efficiency and effectiveness of procurement processes within an organization. These metrics provide valuable insights into both internal and external procurement operations and help align procurement strategies with overall company objectives.

Procurement metrics play a crucial role in assessing the performance and results of procurement management. By tracking and analyzing these metrics, organizations can gain a deeper understanding of their purchasing activities and make informed decisions to optimize procurement processes.

Some common procurement metrics include: cost savings, supplier performance, purchase order cycle time, contract compliance, spend analysis, supplier diversity, purchase order accuracy and supplier risk management.

Learn more about Ivalua's Procure-to-Pay solutions.