Performance Improvement
Without adopting and tracking procurement performance, our client companies wouldn’t be effective in transforming their procurement operations.
Transforming a Procurement organization into a value-creating strategic partner is an ongoing process that requires the structured approach flanked by performance management. Velocity’s procurement services ensure your transformation team maintains focus and drives quality through the proactive management of all projects.
Some of our recent client results include:
Through process improvement and adoption of best-in-class automation…
19
Average Days of Improved Cycle Time
Through process re-design, custom training and improved oversight…
17%
Average Headcount Reduction
Through the adoption of best-in- class automation and augmented out-tasking…
42%
Average Resource Optimization
Through the investment in talent, technology and 3rd party expertise…
.76%
Procurement Cost Per Dollar
Through a comprehensive effort in diversity program design and adoption…
14%
Increase in Diversity Spend
Through optimizing AP
Processes…
68%
Reduced Cost Per Processed Invoice
What It Takes
At a minimum, implement the traditional performance metrics that evaluate procurement’s internal efficiency and effectiveness.
- Key cycles times (PR/PO/Contracts/Invoices)
- Utilization of headcount
- Cost of procurement
- Transactional costs
- Diversity spend
- Spend managed
- FTE cost
Striving for Best in Class
Procurement Cost per Dollar Spent
Hours per order cycle time
Source: Ardent Partners, “CPO Rising: The Age of Intelligence” 2018
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