Featuring data from APQC’s Open Standards Benchmarking® (OSB) in Procurement, this article provides key performance indicator (KPI) benchmarks for organizations in the financial services/banking industry. Organizations can use this information to gain insight into the efficiency and effectiveness of their procurement processes.
Metric categories provided include:
- cost effectiveness (e.g., total cost to perform procurement processes),
- cycle time (e.g., average supplier lead time),
- process efficiency (e.g., number of full-time equivalent (FTE) employees that perform procurement processes), and
- staff productivity (e.g., number of purchase orders processed per FTE in procurement).