Reach Procurement Goals Faster with Data-Driven KPIs

July 21, 2022
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Leverage data insights to identify cost savings, improve efficiencies and inform decision making across all aspects of procurement.

As organizations face intense cost pressures, lowering expenses and improving business outcomes across the supply chain become increasingly important. Opportunities to reduce costs and streamline processes can lead to time, resources and money savings.

Companies typically can’t achieve those savings on their own. That’s why working with a group purchasing organization (GPO) is beneficial. GPOs can drive additional savings on top of what their members are already doing.

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Organizations that provide services in industries such as healthcare and hospitality can save an average of 13.7% on their purchases and modernize their procurement process by partnering with a GPO.  These organizations help members improve their procurement workflows and introduce new levels of automation to increase savings, accelerate supply chain operations and make more informed purchasing decisions.

Intelligent decision making is further enabled by implementing and monitoring key performance indicators (KPIs). These KPIs provide metrics to measure various aspects of the business.

With the proper KPIs in place, organizations can leverage data and analytics to measure proficiencies and operations. KPIs that optimize data analytics provide real-time business intelligence about every facet of the supply chain. Data-based KPIs also help companies establish performance baselines, set procurement goals and continually measure progress against those procurement goals to identify areas in order to cut costs, improve efficiencies and secure the best pricing from suppliers.

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