Procurement KPIs
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Contracts updated
Contracts updated
the process of updating or renewing contracts is postponed beyond the expected or agreed-upon timeframe.
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Number of contracts that have been updated

KPI Definition

The number of existing procurement contracts that have undergone revisions, amendments, or modifications within a specific period.

Business Value

This metric is calculated to track the total number of contracts that are updated so that a business can evlauate contract stautes and trends

Movement Direction

Sample Formula

COUNT (Contract_Number)

Should Aim For
1
Regularly updating contracts
2
helps ensure compliance with changing laws, regulations, and industry standards
3
reducing the risk of non-compliance penalties
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total monetary value of funds
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the total monetary amount specified on an invoice
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The total amount for all tail spends
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The total amount for all non purchase order payments
Savings
the reduction in costs or expenditures
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the total monetary value of purchases through formal purchase orders
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Non Contracted Spend
the total monetary value of purchases made by an organization from suppliers or vendors without a formal contractual agreement in place.
Invoice issued
Invoice issued refers to the act of generating and sending an invoice to a buyer from a supplier for goods or services provided.
Invoices
formal documents issued by suppliers to buyers, requesting payment for goods or services provided.
Invoice paid
Invoice paid refers to the completion of the payment
Invoice cycle time
Invoice Cycle Time refers to the duration it takes from the receipt of an invoice to its processing and approval for payment.
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