The procurement function has changed dramatically over the last several years. And it continues to change and evolve almost daily. To know how well your organization is performing, you need numeric baselines or points of comparison. The baseline can be your prior years' performance. However, it is most helpful if you use the same key performance indicators (KPI's) as other organizations you benchmark with or those published by a research firm. Such as Cost Savings, Managed Spend as a Percentage of Total Spend, Cost Savings as a Percentage of Managed Spend, Procurement Operating Costs as a Percentage of Managed Spend, Return on Investment, Percent of On-Time Supplier Deliveries, Supplier Defect Rate, Customer Satisfaction and Procurement Cycle Time.