I hate the dentist – and I am due for a midyear check up. I am lucky enough to work for a company that offers good insurance and yet, even though all the information I need is right there at my fingertips, I still do not schedule that darn appointment. Why? Because I don’t want to hear what’s good for me; I’ll just wait until December to see how I did, how many cavities I racked up and fillings will be needed.

This type of procrastination is not limited to just medical appointments, visiting the in-laws, or starting a new diet and exercise regime. In the world of procurement, we often wait until the end of the quarter or the end of the year to see whether or not we are on track or have met our spend and savings goals. This often leads to surprises, both good and bad. Like you were significantly over budget and will now have to find a way to “make up for it”. Or you lost the opportunity to save 20% more on that contract because you didn’t realize the obscene amount of cardboard boxes your shipping department uses.

Spend measurement and benchmarking is critical to proving your initiatives’ success. Best-in-class organizations have a specific strategy to measure the effectiveness and efficiency of their process. They continuously monitor core KPIs, identify areas for action, and fine-tune the process along the way. They align their measurement strategy with the maturity of their organization and continuously strive to take their efforts to the next level. And these spend samurai are kicking their spend management efforts up a notch and delivering on average 11% more in savings than the market.

So, are you ready for your midyear check up? Join Sourcing Interests Group, Coupa executive Ravi Thakur and renowned AMR analyst Mickey North Rizza for “Big Bang Benchmarking”, a live web event on Tuesday, August 3rd at 11:00am Pacific / 2:00pm Eastern. During this session, you will discover the secrets to showcasing your success in 2010 including how to develop a long-term strategy, how to calculate the 10 must measure metrics and will even provide market benchmark data where you can see how you stack up.

Register for this event today and get your spend measurement questions answered by the experts. Oh, and don’t forget to floss.