This is a question we get often and the answer varies...…………………..
Today’s blog is by Margaret Stewart, Manager of HR and Administration at SafeSourcing.
When is the best time to procure? This is a question we get often and the answer varies. For many different goods and services, particular times of the year are best to take to market. For example, services like air conditioning repair often yield greater savings if they are taken to market during the winter or spring. This is generally because it can guarantee a provider a certain amount of work and they can budget their time ahead of time. If you seek pricing for air conditioning repair in the heat of the summer, providers may already be booked and may charge much higher rates than normal.
Another factor to consider when determining the best time to procure is market conditions. These can vary month to month, but paying attention to any recent news or trends in the market can delay the timing of your procurement event. For example, if you are seeking maple syrup and there have recently been any devastating natural disasters in Canada or the northeast US, you may want to delay your procurement efforts until the product is more readily available and more competitive pricing can be obtained.
These are just two different factors that can affect the timing of your procurement efforts. There are many other things that could expedite or delay them further, like contract expirations, anticipated tariffs, etc. While we often get questions regarding the best time to procure, we can always give one piece of advice– talk to your procurement partner to plan the best timing for your procurement needs well beforehand. They can help you with all the factors that go into running a successful procurement project.
For more information on how SafeSourcing can help in your procurement efforts, or on our Risk Free trial program, please contact a SafeSourcing Customer Service representative. We have an entire team ready to assist you today.