Why Should Companies Consider a Specialist Procurement Market Intelligence Firm?Posted by Ankit Kohli on December 16th, 2015 To answer the question, you first need to understand what is Procurement Market Intelligence and why is it so critical to the decision-making and procurement processes. Moreover, you need to realise that using an expert is perhaps the key differentiator between a strong bottom line and crippling losses. Here is a guide to answering these questions one at a time. What is Procurement Market Intelligence? Let us start by understanding, what is procurement market intelligence? To put it simply, it is the process of developing and supporting strategic sourcing decisions to acquire goods and services from an external party. The goal is to meet your requirements accurately and effectively (i.e. the acquirer’s) in terms of both quality and quantity. This ability to procure or gather market and industry information in a timely and accurate manner is important for you or any organisation to take an informed decision. Factors such as stock with the OEM, delivery and handling, marginal profits, price fluctuations, etc. are crucial for taking effective procurement decisions. They also help businesses to take tough decisions in times of scarcity. Market intelligence provides an enterprise with a decisive competitive edge over others. It also helps an establishment to acquire and analyse information to understand the market in terms of current and future needs. It also helps to assess changes in the business environment that may affect the nature of the foreseeable future market. It further involves developing a market intelligence strategy that integrates the existing procurement structures and processes to deliver significant value to an organisation. Now that you have a good idea ofmarket intelligence, it is logical to focus on why it is important in the procurement process:
Procurement market intelligence is extremely important for businesses, especially with the global nature of world trade today. For instance,
Finally, let us talk about the benefits of using specialist procurement intelligence firms and why they are critical in ensuring your business keeps increasing its ROI:
As you can see, procurement market intelligence provides businesses with the much-needed strategies and approaches so they can solve long-standing information related obstacles and deliver their results on time. There are quite a few procurement market intelligence firms in the market that can help you manage your resources and time better. Search the internet for a few such firms and contact them to understand how they can help you. About the Author: Pure Research provides customised research and business intelligence to corporates, public sector organisations, financial services firms, and professional services firms worldwide. The company delivers high quality procurement and supply chain intelligence to procurement professionals and their organisations. It provides business and market intelligence to strategy and marketing teams at corporations, and to professional services firms. Pure Research also provides customised financial research and ESG research to financial services firms. Analysts from Pure Research work as an extension of their client organisations to deliver high quality research and insights. The company has offices in London, U.K. and Delhi, India. Like it? Share it!More by this author |