As a procurement department manager, explain how you would use theBalanced Scorecard (BSC) model toimprove innovation in your procurement department, and discuss the advantages and limitations of using this approach.

In your answer, you are required to:

• Identify the key performance indicators (KPIs) that you would use to improve innovation in the procurement department in each of the four BSC perspectives: financial, customer, internal business processes, and learning and growth.

• Describe how you would set targets for each of the KPIs, and how you would monitor and report on progress towards these targets.