Thomas launched a new "Be Smart About" series that will go into more depth around supplier information management best practices than you thought possible (and will include a shortlist of firms to check out, with some insights into their strengths and potential caveats/concerns that should be explored in a selection process). Perhaps you already know that your ERP system's vendor master isn't really cutting it in the supplier information management (SIM) area. Or you've been to a few trade shows, probably even seen a solution demo or two, and now you're excited about the possibilities with modern SIM solutions.
In the first part of this series, we looked at why it is so difficult to measure the performance of the procurement function and leadership. We then looked briefly at savings measurement, and noted that, unfortunately, procurement executives don't tend to get a "commission" on the savings they make!
Today we'll look at what other measures may be used to assess and reward procurement directors, CPOs and similar. This is obviously relevant for those individuals: if you can have some input into designing the measurement parameters for yourself and the function, then that gives you the opportunity to come up with a balanced approach that reflects the contribution you make to the organisation.