ITY (In The Year)
ITY (In The Year) is a term used in procurement to signify the period of time over which goods, services, or both are procured. It refers to a specified calendar year and allows procurements made over that specific year to be identified when analyzing expenditure data. In general, procurements using the ITY method cover the 12-month period beginning January 1 and ending December 31 of the applicable year. This definition provides clarity for businesses engaging in procurement to plan their budget and forecast future spending.
