In today’s globally competitive economy, it is increasingly important for organizations to know how they are performing and have established goals for improvement, both internally and across their entire supply chain. In Procurement Evaluation Metrics and Intelligent Supply Chain, we will discuss the performance metrics typically used by procurement to assess and measure internal performance and that of their suppliers. Both financial and operational measures will be reviewed, as well as those related to sustainability. In addition, the changes to today’s connected supply chain using new techniques and technologies will be addressed, including blockchain, Internet of Things, artificial intelligence, control towers, and advanced analytics.
Review the critical questions and learning objectives.
Critical Questions
- Why is it important to link all measurements within an organization together?
- How does benchmarking benefit an organization?
- Why are internal metrics important for the procurement function?
- What metrics should be used for evaluating supplier performance?
- What are the ways emerging technology is creating an intelligent supply chain?
Learning Objectives
Upon completion, participants will be able to:
- Discuss the importance of metrics within procurement
- Develop procurement metrics for the procurement area and suppliers
- Know how to use benchmarking and discuss the benefits
- Describe the elements of balanced scorecards
- Identify sustainability measurement criteria
- Develop a supplier rating system for evaluating suppliers
- Describe the use of blockchain technology
- Understand the different types of advanced analytics
- List different kinds of artificial intelligence
Terms
Use the Flashcards and Games to review the terms.