It feels like June was just yesterday and yet somehow, here we are with Thanksgiving rounding the corner. If you haven't started your holiday shopping, you probably should. Lucky for you, the procurement sector is in the thick of all things peak season, checking off your list on every shelf.
Effective procurement is crucial for navigating this period successfully. Here are some strategic insights and actionable steps for optimizing procurement processes from Ashley Hubka, senior vice president & general manager at Walmart Business:
- The Data Advantage- During peak seasons, businesses should analyze historical data to accurately forecast demand and avoid last-minute rush orders and spend. By utilizing a supplier that offers multi-user organizational accounts, businesses can evaluate organizational purchase histories in one location, helping them to identify trends and patterns that will allow them to stay consistently stocked and able to meet demand.
- Flexibility and Other Options- Utilizing an omnichannel retailer with flexible purchasing options and automation can also help organizations manage their supply chain. Suppliers offering same-day delivery or pickup allow businesses to restock quickly. Additionally, subscription models ensure a consistent supply of necessary items, streamlining reordering and securing frequently used goods. This approach simplifies the purchasing process and improves overall efficiency.
- Collaboration- By working with suppliers that offer a wide range of business items at affordable prices, businesses can consolidate their purchasing needs, streamline procurement, and reduce time spent on tasks like inventory management. This allows organizations to focus more on their core missions while better managing costs and inventory. By freeing up resources for more strategic activities, businesses can operate more efficiently, stay in control of inventory, and create a foundation for growth.
The best of times and the worst of times, peak season can be a rewarding challenge; with a proactive and technology-enhanced approach, procurement processes can evolve into a competitive advantage. By implementing these strategies, organizations can confidently meet peak season demands while maintaining cost efficiency and customer satisfaction.
