{"id":1593,"date":"2021-11-18T13:18:00","date_gmt":"2021-11-18T13:18:00","guid":{"rendered":"https:\/\/network.demandstar.com\/?p=1593"},"modified":"2022-09-15T15:45:02","modified_gmt":"2022-09-15T15:45:02","slug":"end-of-fiscal-year-procurement-planning-tips","status":"publish","type":"post","link":"https:\/\/network.demandstar.com\/blogs\/end-of-fiscal-year-procurement-planning-tips\/","title":{"rendered":"Planning Tips for Procurement Officers at the End of the Fiscal Year"},"content":{"rendered":"\n<p>When fiscal calendars wind down, procurement agents may be feeling confident about their performance, or they may feel like they could do with some changes. Either way, this is a good time to pause and review not only how the procurement planning has developed, but also to assess current vendor and supplier relationships, and see where any efficiencies can be gained. Here are a few tips for taking stock at the end of the fiscal year.<\/p>\n\n\n\n<p><em>Review vendor\/supplier relationships<\/em> \u2013 Make sure your vendors and suppliers are top-notch and working well for you. If there\u2019s a vendor\/supplier that\u2019s been underperforming, review their contract to determine when you will be able to replace them. Plan now for those RFPs so that you aren\u2019t surprised when it\u2019s time to renew the contract and then rush on the decision.<\/p>\n\n\n\n<p><em>Determine training needs<\/em> \u2013 Does the procurement department need any additional training? Review training needs and options so that requests can be submitted for next year\u2019s budget. Craft a pitch with a list of reasons why the department would benefit from the training so that you\u2019re prepared to address any questions.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/network.demandstar.com\/wp-content\/uploads\/2022\/09\/New-KPIs-can-be-developed-to-help-successfully-guide-the-department-through-the-next-12-months.-1024x1024.png\" alt=\"\" class=\"wp-image-1983\" width=\"453\" height=\"453\" srcset=\"https:\/\/network.demandstar.com\/wp-content\/uploads\/2022\/09\/New-KPIs-can-be-developed-to-help-successfully-guide-the-department-through-the-next-12-months.-1024x1024.png 1024w, https:\/\/network.demandstar.com\/wp-content\/uploads\/2022\/09\/New-KPIs-can-be-developed-to-help-successfully-guide-the-department-through-the-next-12-months.-300x300.png 300w, https:\/\/network.demandstar.com\/wp-content\/uploads\/2022\/09\/New-KPIs-can-be-developed-to-help-successfully-guide-the-department-through-the-next-12-months.-150x150.png 150w, https:\/\/network.demandstar.com\/wp-content\/uploads\/2022\/09\/New-KPIs-can-be-developed-to-help-successfully-guide-the-department-through-the-next-12-months.-768x768.png 768w, https:\/\/network.demandstar.com\/wp-content\/uploads\/2022\/09\/New-KPIs-can-be-developed-to-help-successfully-guide-the-department-through-the-next-12-months..png 1080w\" sizes=\"auto, (max-width: 453px) 100vw, 453px\" \/><\/figure>\n<\/div>\n\n\n<p><em>Evaluate processes and procedures<\/em> \u2013 Is your procurement department making the best use of their time? If your department is still working from paper supply requests, excel spreadsheets, and vendor bid packets, it might be time for an upgrade. Check out the latest software, procurement networks to make your job easier and are free, like <a href=\"https:\/\/network.demandstar.com\/schedule-a-demo\/\">DemandStar<\/a>.<\/p>\n\n\n\n<p><em>Submit RFPs early<\/em> \u2013 Review next year\u2019s calendar and see if there are any upcoming projects at the beginning of the year. As the holidays approach, vendors may be incredibly busy while also trying to give their employees time off for the holidays. Make sure to give additional time to these RFPs so that vendors can fit creating a bid into their busy holiday schedules.&nbsp;<\/p>\n\n\n\n<p><em>Assess KPIs<\/em> \u2013 Complete a self-evaluation of this year\u2019s key performance indicators (KPIs) and make a performance assessment. Did you reach your budget goals? Were projects completed on time? What about diversity inclusion, has that benchmark been met? Make a list of areas of success and areas of opportunity.<\/p>\n\n\n\n<p><em>Set goals and plan for next year<\/em> \u2013 Now that you\u2019ve reviewed this year\u2019s KPIs and have an idea of what\u2019s been going well and what could use improvement, set your goals and make a plan for next year. Make sure to include specific data points where appropriate as opposed to setting broad goal statements.&nbsp;<\/p>\n\n\n\n<p><strong>Time to plan<\/strong><br>The end of the year is an ideal time to review performance and plan for the year to come. By using the tips above, procurement planning will be easier and agents will know how things went this year and will be able to adjust to make sure next year is even better. By identifying areas of strength and areas of opportunity, new KPIs can be developed to help successfully guide the department through the next 12 months.<\/p>\n\n\n\n<p>What are your year-end procurement planning tips? Share them with us in the comments!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When fiscal calendars wind down, procurement agents may be feeling confident about their performance, or they may feel like they could do with some changes. Either way, this is a good time to pause and review not only how the procurement planning has developed, but also to assess current vendor and supplier relationships, and see&hellip;&nbsp;<a href=\"https:\/\/network.demandstar.com\/blogs\/end-of-fiscal-year-procurement-planning-tips\/\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Planning Tips for Procurement Officers at the End of the Fiscal Year<\/span><\/a><\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"[\"title\",\"meta\",\"tags\",\"content\"]","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[8],"tags":[60,18,59,12],"class_list":["post-1593","post","type-post","status-publish","format-standard","hentry","category-blogs","tag-fiscal-planning","tag-for-governments","tag-procurement-planning","tag-procurement-process"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>End of Fiscal Year Procurement Planning Tips | DemandStar<\/title>\n<meta name=\"description\" content=\"Procurement officers should review how procurement has developed, assess current vendor and supplier relationships, and see where any efficiencies can be gained.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/network.demandstar.com\/blogs\/end-of-fiscal-year-procurement-planning-tips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"End of Fiscal Year Procurement Planning Tips | DemandStar\" \/>\n<meta property=\"og:description\" content=\"Procurement officers should review how procurement has developed, assess current vendor and supplier relationships, and see where any efficiencies can be gained.\" \/>\n<meta property=\"og:url\" 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