Benchmarking is important because you want to understand your position against other organisations. Checking your maturity levels against other organisations helps you determine the level of investment to become a world class procurement function. Or perhaps you don’t need to be world class, as a smaller organisation you might want to attain a mature procurement model without the bells and whistles.
- Understand current capabilities
- Assess performance relative business value and strategy
- Identify and prioritise improvement opportunities that offer the greatest potential return
- Highlight and address areas of risk