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 – as it can divert discussions from the main substance to details and numbers, and sometimes benchmarks can be used wrongly by senior management to drive changes that don't make business sense - particularly with functions such as procurement.
Omer thinks it's far more meaningful to focus on best practices. But where can businesses get these best practices from?
Watch the full video to find out this and more.
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