Glossary
Procurement cycle time
Procurement cycle time is the elapsed time from a requirement being raised to the purchase order being issued, or to goods being received.
Where it appears in procurement
Long cycle times usually come from waiting: for supplier qualification, for quotations, for missing documents. Measuring where the waiting happens is the first step to reducing it.
Example
Requirement raised on day 0, suppliers found by day 3, quotations back by day 14, missing certificate chased until day 21, PO on day 22.
In Complyra
Complyra records timestamps on RFQs, quotations and purchase orders, and its compliance check requests documents in the RFQ so missing evidence is not discovered after quotations arrive.