_____ Is the Process of Developing Insights into Stakeholder Requirements

question 37

Multiple Choice

_____ is the process of developing insights into stakeholder requirements, comparing these to external industry intelligence, supply base capabilities and operational risks, and developing a strategy to align internal requirements with external supply market conditions.

• A)Spend analysis
• B)Cost management
• C)Contract management
• D)Category management
• E)Procure-to-pay

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Definitions:

Benchmarking

The practice of comparing business processes and performance metrics to industry bests or best practices from other companies.

Incorporate Ideas

The process of taking suggestions, concepts, or viewpoints and integrating them into a project or plan.

Benchmarking

Benchmarking involves assessing a company's procedures and performance measures by contrasting them with the best in the sector or exemplary practices of various corporations.

Internal Comparisons

The process of evaluating a company’s performance, projects, or individuals against internal standards or past records.