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Top 7 Procurement KPIs and Metrics You Must Track in 2024
Procurement KPIs, or Key Performance Indicators, are quantifiable measurements used to gauge the performance and success of procurement activities within an organization. These indicators help procurement professionals track progress against their strategic goals, making sure that purchasing decisions support wider business objectives.Metrics, on the other hand, are data points that feed into KPIs. They provide detailed numbers that, when analyzed, offer insights into how well the procurement process is functioning.