The purchasing function is one of the most value-enhancing functions in any organization, and therefore, it is not necessary to periodically monitor the purchasing function’s performance against a set of standards or industry benchmarksa. Trueb. False

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10-03-2020
Business

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The purchasing function is one of the most value-enhancing functions in any organization, and therefore, it is not necessary to periodically monitor the purchasing function’s performance against a set of standards or industry benchmarksa. Trueb. False

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jenifersynergy jenifersynergy · Answer 1 · 2020-03-17T05:41:34+01:00

It is not necessary to periodically monitor the purchasing function’s performance against a set of standards or industry benchmarks is False statement.

Explanation:

Monitoring purchasing is important for successful management and continuous improvement of the purchasing method. Purchasing assessment provides the buying team with valuable input as well as top management to determine the efficacy of the buying methods and decision-making processes of a company.

An organization's overall success is significantly influenced by how well the purchasing role will relate to the objectives and priorities of the company. An obvious efficiency indicator of any procurement department's progress is the amount of money the firm saves.