Being procurement professionals can be stressing because they need to negotiate, plan, and manage supply. Moreover, they will receive the blame for costly and poor spending.
In order to make this job easier, supply market intelligence for procurement professionals must be collected.
Understanding Supply Market Intelligence for Procurement Professionals
Procurement professionals must understand the market the suppliers in to source products or services successfully. To have a better understanding of it, procurement professionals need supply market intelligence.
Supply market intelligence or SMI is external information that a company utilises to discover and manage supply of goods or services. This information is related to customers, suppliers, competition, and markets.
In other words, SMI is created when external information is collected and analyzed in order to create actionable conclusions that influence a company’s ability to locate, secure, and manage sources of supply strategically.
Procurement professionals have realized the importance of supply market intelligence over the years because globalization has emphasized the need to understand the risks related to the supply chain. Once procurement professionals understand all the risks, they can create a plan to minimize the risks.
Getting Supply Market Intelligence
Unfortunately, gathering this external information is not a simple thing to do. Procurement professionals will need lots of time and energy to gather the valuable information. However, it will be easier to do if they hire a market research consultant.
For procurement professionals that operate in Dubai, UAE, it is recommended to hire the Services from Market Intelligence Dubai UAE. This marketing consultant will free procurement professionals from all the hard work of gathering the information needed to discover and manage supply of services and goods.
This consultant provides supply market intelligence for procurement professionals working in Dubai. With the help of this consultant, they will surely be able to locate, secure, and manage sources of supply easily and strategically. Therefore, they will be successful in ensuring smooth operation all year round.
Tips on Driving Growth and Innovation for Procurement Professionals
Several things can be done by procurement Professionals in order to drive growth and innovation of the company:
- Cut Costs
Effective cost management is one of the essential parts in purchasing goods and dealing with the supply chain management. Effective cost management will help the company to cut costs without causing harm to its profitability.
In order to manage the cost effectively, procurement professionals need to source the right suppliers and actively reduce the company’s operational risks.
- Drive Innovation
The suppliers chosen by procurement professionals show the supply chain type they operate in. If procurement professionals choose suppliers that utilize the latest technology and add value and drive innovation, they will be able to place their company in a more competitive situation.
- Utilize Good Data
A decision that is made based on good data can help the company to gain higher revenue and increase efficiency. Therefore, it is important for procurement professionals to ensure that the data and information they collected are verified and validated.
Supply market intelligence can be challenging to collect for procurement professionals. However, a market research consultant will gladly help professionals to avoid this challenge. As a result, they will be able to find and manage sources of supply strategically and easily.