The Lunar New Year marks the beginning of the Chinese Lunar calendar. Like other festivities, the B2C market is rampant with activity during the Chinese New Year (CNY) period.
The B2B market also gets into the CNY action. With Chinese New Year signifying prosperity, gifts are sent between businesses to wish them good fortune.
Given the increase of indirect spend during festive periods, procuring efficiently is key to better tail-end management.
How to Procure Efficiently this CNY
1) Leverage on your vendor’s value
The Chinese New Year period sees a myriad of different business needs that requires the expertise of different vendors. Such business needs include mandarin oranges, lion dances, gifts and yee sang.
Engaging with these vendors for the time presents an opportunity to assess your vendor’s capability and reliability and build rapport for long term engagement for future business needs.
2) Transparency through digitalisation
Are you still engaging back and forth with vendors manually? Emails and scattered excel sheets can be time-consuming and have a higher margin of error. But the biggest disadvantage of manual methods is the lack of transparency and traceability.
Digitalising the source-to-pay process gives you the visibility of both activity and data that takes places at different stages of purchasing your CNY needs.
3) Integrating procurement & accounting softwares
Integrating your existing accounting software into your procurement software quickens and simplifies the purchasing of CNY items process for both users and respective departments.
Leveraging on a system that has integration capabilities like ADAM will streamline the order placement process, blanket PO management and order approval.
4) Data and analytics matters
Your business’s Chinese New Year purchases may only happen once a year but recording these data factors into creating savings for your company.
Gaining transparency through analytics helps you to gather data required to make informed decisions for the negotiations of better prices the next time you purchase your Chinese New Year needs!
Procure efficiently throughout the year through ADAM. With ADAM integrating to Xero, your procuring for your festive needs has been made easier.
Streamline both your procurement and accounting today. Find out more about ADAM’s integration with Xero here.