In a global economy in which every function of business needs to prove its value, supply chain and procurement leaders must not only know what key performance indicators (KPIs) to use to measure their successes, but they also needs to use the vocabulary that communicates their worth to the rest of the business—most importantly, finance.
What metrics are you using? Do they translate well to procurement’s business performance? How are you communicating your value to other departments? Does it leave those to whom you are communicating satisfied? Or are they lacking, leaving them wanting more? Chief financial officers (CFOs) and chief executive officers (CEOs) need to hear not only about cost savings, but also about the KPIs that move beyond to do their due diligence. No longer is benchmarking doing the job alone.
Does your data translate into the supply chain and procurement’s efficiency and effectiveness? If not, you must spell it out in detail. The data must put your financial contributions and strategy on display in no uncertain terms.
Many in the C-suite are striving to determine what metrics to capture, as well as what business functions to measure across the supply chain to meet their corporate objectives around growth, profitability and capital utilization. The Institute for Supply Management (ISM) can help.
The ISM Metrics Symposium, which will be held July 17-18, 2014 in New York City, will explore the complexities of measuring the contribution of procurement and supply chain against corporate performance. To learn the key measurements you need to effectively communicate and implement strategy, the Metrics Symposium is a must.
At the symposium, you can explore the challenges and opportunities for measuring procurement’s strategic contribution to corporate performance in terms that the CFO and CEO understand. Procurement and supply chain leaders will learn and discuss how to determine whether they are using the right metrics, how to quantify and report the most meaningful metrics, and how to effectively communicate those findings to executive leadership.
Additionally, the ISM Metrics symposium will help you answer the following questions:
- What is working well in measuring and monitoring the contribution of the supply chain and procurement teams in your company’s financial performance?
- What are the biggest opportunities for improvement?
- Is the procurement and supply chain contribution visible and meaningful? If so, how do you know? If not, why?
- What specific metrics does finance require (inventory turns, working capital, etc.)?
- What other metrics may be meaningful?
Some events you can’t miss at the symposium include:
- The keynote from a CFO from a Fortune 500 company. The presenter will discuss the challenges in and opportunities for measuring supply management’s contribution to corporate performance.
- A panel discussion of the keynote theme with the presenter, a CEO and a few chief procurement officers (CPOs).
- A session on how to set up an analytics organization. What are the challenges and how do you drive change?
- A session on what kind of metrics on which to focus.
- A session on what value the supply chain brings to revenue and how to measure that value.
- A forward look at integration with certain business areas to become a strategic partner.
- And more!
In addition to finding the right metrics, business leaders increasingly recognize procurement and supply chain is an essential element of a solid strategic planning process. Co-located with the ISM Metrics Symposium, the ISM Risk Management Summit, which takes place July 16, 2014 in New York City, will give you the opportunity to explore how to identify and oversee critical risks, gain visibility into the supply chain and protect your company's reputation. The Risk Management Summit can help you get the key measurements you need to effectively communicate and implement that strategy.
To register for the ISM Metrics Symposium, please visit http://www.ism.ws/conferences/content.cfm?ItemNumber=24065.
To register for the ISM Risk Management Summit, please visit http://www.ism.ws/conferences/content.cfm?ItemNumber=24064.
