Sourcing and Procurement Industry Standards and Benchmarking
The concept explains types of benchmarking and standards integral to strategic sourcing and procurement, how organisations can achieve significant savings and facilitate better supplier integration, including success factors and guiding implementation steps.
Technique Overview
Sourcing and Procurement Industry Standards and Benchmarking Definition
“Benchmarking” for sourcing and procurement refers to “the continuous measuring of products, services, processes, activities, and practices against a company’s best competitors or those companies recognised as industry or functional leaders” (Monczka et al., 2009). By contrast, “industry standards” refer to “agreed and repeatable ways of doing something”. Standards are created collectively by interested parties with substantial expertise or experience, including manufacturers, sellers, buyers, users and regulators of materials, products, processes and services (CIPS: Knowledge Works).
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Further Reading
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Sourcing and Procurement Industry Standards and Benchmarking references (4 of up to 20) *
- Anderson, K. and McAdam, R. (2004). A Critique of Benchmarking and Performance Measurement: Lead or Lag? Benchmarking, Vol. 11(5), pp. 465-483.
- Boxwell, R. J. (1994) Benchmarking for Competitive Advantage, McGraw-Hill, New York.
- Brandmeier, R. and Rupp, F. (2010) Benchmarking Procurement Functions: Causes for Superior Performance, Benchmarking: An International Journal, Vol. 17(1), pp. 5-26.
- British Standards Institution (2011a) The Sustainable Procurement Guide. Procuring Sustainably Using BS 8903.
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