What is spot buying?

Spot buying is often thought of as a 180 from strategic sourcing. Whereas strategic sourcing involves long-term procurement commitments, spot purchasing (or spot buying) occurs when there is an immediate requirement and a purchase must be made, quite literally, “on the spot.”

What is the easiest spot buying process?

For the easiest spot buying process, it’s best to be a part of an online business network that quickly and succinctly connects you to sellers and suppliers. This allows for a more streamlined response system that gives your users an easy way to get a bid and make their purchase while still being compliant.

What is a spot buy catalog?

A spot buy catalog is an online marketplace that gathers low-value deals and purchases. Its goal is to capture emergency searches that help organizations make quick spot purchases without taking a long time in comparing prices. Although spot buying catalogs are beneficial, nowadays it is seen as ineffective, costly, and a waste of time.

When is spot buying a necessity?

Spot buying is a necessity when buyers in your organization need something economical, fast, and easy to obtain. Perhaps it’s not something that needs an ongoing contract or something that may need immediate attention. In circumstances like these, spot purchases are better.