Procurement process stage completion times

Time to be found

With high percentages of most stages taking less than 24 hours to complete, this suggests there is room for improvement.

Negotiations take, on average, 21.4 days to complete - and even as much as 37 days. This explains, for example, why renewal negotiations that start more than 90 days before the auto-renewal point deliver such greater discounts, as leverage is not lost.

While many subsequent approval stages take less than a week, procurement leaders should be wary of the tendency for some of these to stages to drift - often needlessly - into two weeks. By assessing what is causing these delays, whether not having necessary data to hand, poor prioritisation, or failing to integrate the workflows with the collaboration / project management tools they prefer to use, procurement can cut crucial time from the process and help the business move faster.