Digitization has led to explosion of data available through category specific websites, trade journals and specialized publications. Category managers are required to filter out irrelevant, outdated and overly biased data before it can be used for decision making. Thus as a part of their role, category managers routinely interact with sales representatives of vendors. These sales departments typically outspend the procurement departments in terms of access to relevant market intelligence and hence the category managers tend to be at a disadvantage. EmpoweringCPO through its customized procurement business Intelligence services supports the procurement department and assists in making more holistic and unbiased buying decisions.
What is Procurement Business Intelligence?
Procurement Intelligence is the process of gathering and analyzing information relevant to a company’s supply markets specifically for the purpose of supporting accurate and confident decision making during the strategic sourcing process as well as during the entire category management process.
Lists information about the products/ services classification, market size and growth rate, manufacturing process, and critical-to-quality factors
Identifies the costs associated with materials, labor, transportation, energy, overhead, profit, and other cost components
SUPPLY BASE PROFILE
Identifies available suppliers, their characteristics, and countries where suppliers of the category are located
Identifies demand and price drivers, capacity utilization, and other characteristics that determine price and availability
Assesses buyer and supplier power, substitute products/ services, and other factors that influence buying leverage
EmpoweringCPO is one of the leading procurement intelligence companies, our customized research report is produced according to client’s specific needs that include the following components:
Application & Benefits of Procurement Intelligence:
- Reduce risks
- Increase savings
- Improve decision making
- Discover new suppliers
- Explore new capabilities of existing suppliers
- Locate countries where new suppliers can be found
- Gather data on supplier financial viability and business continuity
- Build cost models for use in negotiations
- Find early warnings for supply market changes
How do we gather Procurement Market Intelligence?
We gather Intelligence through multiple primary and secondary sources. Primary sources include industry experts, researchers and consultants, as well as current suppliers. Secondary sources include journals, newsletters, magazines, market research data, company sources and industry associations.