Perhaps more than any other sport, baseball is often analyzed through the prism of statistics. Whatever age or school of thought you might hold in relation to baseball, you can likely rattle off some form of statistic about some of the players you follow, if a fan. Where the difference may lie is in which statistics you find most relevant and analogous with value of any given player.
Do you run in to the same situation measuring the significance of your procurement team’s value and impact? My guess is that if 4-5 different organizations were polled, we may get 4-5 different answers to a question such as:
“What is the biggest value procurement brings to your organization?”
My point? Value can be measured in different ways by different organizations. Should all procurement teams be measured on the same figure or statistic? Can the same measurement be applied to procurement teams across various industries, geographies, sizes, corporate structures and corporate values? I would contest no, they should not.
Many of the clients we work with have their own internally constructed metrics and measurements that are most relevant to their specific organization. At Iasta, we encourage and value diversity and customization. A quick glance at some of our core values (Be Adaptable, Find Creative Solutions) shows just a glimpse of how we approach not only our internal operations, but how we strive to solve our clients’ business problems. That includes our approach to measuring important sourcing, saving, spend, contract and supply performance metrics vital to our customers.
How do you measure procurement’s value and impact in your organization? Share your experiences by commenting below or tweeting @iasta.