How to Spend your Procurement Budget
Procurement Preparation for End of Year Spending
We are days away from the start of Q4 and procurement leaders around the world face the question of how to manage their end of year budget. Whether you are under or over your anticipated spending as you go into Q4, now is the right time to begin looking at your budget and spending.
Analyze how to spend well.
Don’t fall into the trap of just spending the remaining end-of-year budget frivolously. Healthy purchasing requires healthy choices all year long. Plan ahead to make use of the purchases at the right time. For example, don’t use up money on digital ads during the last week of the year or buy technology that could be useful in the future, but may become outdated before it is used.
Analyze your year-to-date spend.
Do you know if you are on track? If you are not using real-time spend analytics through procurement software, you may not know what your actual spend is right now. Understanding your actual spend is crucial as the end of the year approaches.
Look to the future.
Regardless of your current situation, now is the time to begin planning for next year. Start taking note of what went well, and what did not. Q4 always seems to go especially fast and taking the time now to start the process of examining this year is a great way to be proactive.
Vroozi Spend procurement solutions help purchasers prepare for whatever their next step is.
Learn more about how to control your spend and budget with a one-on-one live demo. Register here.