I hope that even casual readers of our sites know that my firm, Ardent Partners, has spent that past decade performing extensive market research in the areas of sourcing/procurement, accounts payable/payments, and contingent workforce/Future of Work. In that time, Ardent has benchmarked thousands of distinct organizations across all aspects of their programs.
With such an extensive library, we launched a new eBook series focused on the “Metrics that Matter” in each area a few years ago. Our recently published, AP Metrics that Matter in 2019 eBook (available for a limited time) is a great example. Our Procurement Metrics that Matter eBook will publish in June while our Contingent Workforce one will hit in a few weeks [Sidebar: Interested sponsors should contact us here for more information].
In 2019, having access to accurate, real-time metrics is still a game-changer. Establishing and measuring relevant metrics allows an organization to understand its “current state” while laying the groundwork for its desired “future state.” If a group is unclear on where it stands today, it cannot begin to make lasting enhancements that improve tomorrow’s performance. Tracking metrics enables continuous improvement programs to take hold and provides organizations with a better opportunity to set proper goals and objectives and “course correct” when achieving them is in doubt. For most business functions, the first step to tracking valuable performance metrics is access to quality data, typically delivered via process automation solutions.
Establishing and measuring relevant and actionable metrics is an important part of any business function since it provides the opportunity to set, track, and ultimately achieve goals and objectives while providing the key inputs to drive continuous improvement efforts. With process automation tools in place, a procurement or AP department is significantly better able to capture performance metrics than in a manually-driven environment. While automation can be a critical step towards improving performance, it is the level of access and visibility into key performance indicators (KPIs) and the analytical capabilities to understand and act upon that data that enables intelligence and allows for continuous improvement.
To get better results, it is important that groups measure the right things. Ardent Partners developed a list of “Metrics that Matter” curated specifically for each eBook for business leaders to use as a means to establish a performance and business impact baseline and then improve upon them. While broad in scope, the eBooks are not intended as an all-inclusive list of metrics, but rather for different organizations to gain guidance on what to measure and then benchmark themselves against the broader market and the Best-in-Class.
Grab the AP Metrics that Matter before its gone and watch for the others in May and June.
