How Can Benchmarking Really Inspire You To Be Better
By now, we all know that procurement is at a crossroads. Procurement professionals are no longer content to work in the “post office” of their companies. They see opportunities to become leaders in business and to work strategically. At the same time, supply chains are becoming more complicated, with more opportunities – and more risks. With this, sourcing and supplier management are becoming more and more complex. Practically an art form.
This is definitely a time of change for Supplier Relationship Management. It is also the exact moment to look at the landscape and what’s going on right now. Businesses use benchmarks to see what’s going on in the landscape – and identify where companies stand. This is a concrete tool for critical self-assessment and improvement.
The Danger Zone In the Middle
But the danger of benchmarks is that it is tempting to find the average and stay there. It is comforting to cluster around the mean and median averages – because it is safe. If you’re behind the bell curve, you’re falling behind. But if you’re ahead of the bell curve, you’re in unknown territory. It is safer to stay with the industry average.
Staying in the middle is not the right approach for a function in a time of change. Instead, benchmarks should be used as an impetus to make improvements – wherever you stand in the bell curve. It is not a question of keeping up with your peers – but allowing yourself to be inspired. Benchmarks should inspire participants to improve their own personal track record and be better than they were last year.
SRM Maturity Check 2018
This is a clear, realistic path for any procurement function to transform and emerge, step-by-step. That is why JAGGAER is conducting the SRM Maturity Check 2018. The survey is running until March 15, and takes about ten minutes to complete. It is full of tips based on your answers – and the research will go towards a benchmarking report to be published in early 2018.
- A critical self-assessment of your company’s SRM practices
- Current benchmarks with leading companies across all industries
- A free copy of the trend report, “Maturity in SRM: 2018 Benchmark”
- 500 Value Points for our customers