The strategic value of market intelligence
As category management teams seek to deliver more value to the business, market intelligence is emerging as a key source of competitive advantage.
The right kind of intelligence has value far beyond the ability to fill gaps in category managers’ knowledge of their products, markets and suppliers. It can deliver benefits on many levels; from highlighting innovation opportunities to enabling better risk management.
Market intelligence gives category managers the insights they need to make the best decisions not just for their category, but for the business as a whole.
As an example, one of our global CPG clients delivered a $2.7m cost saving back to the business, by using a cost model we built based on our market insights to negotiate more effectively with packaging suppliers. And one industrial sector client drew on our intelligence to identify viable alternative suppliers across seven categories – representing a potential saving of $3.75m.
Not all market intelligence has equal value
But not all market intelligence is equal. The best results come when it’s aligned to the specific problems that the category manager needs to solve, and is robust, objective and detailed enough to provide not just answers, but the right answers to drive the right kind of decisions.
Our new white paper, Achieve Category Management Excellence with Robust Market Intelligence, outlines how category managers can identify and source the right intelligence for their needs. It covers:
- The pressures facing today’s category managers: from increasing complexity and volatility in the supply chain, to the need to manage supply-related risk more effectively
- How market intelligence can help: by providing everything from insights into alternative supply sources to tools to aid supplier selection and negotiation
- The hallmarks of reliable market intelligence: six criteria to help you judge whether the intelligence you’ve sourced is trustworthy
- Six potential sources of market intelligence: from desk research to working with a specialist partner – and the pros and cons of each
- A checklist of questions to ask: to help you source the right intelligence and the right partner for your needs
You’ll also find case studies of companies across the CPG, industrial and energy sectors that have used market intelligence to achieve multimillion-dollar savings; identify the most strategic suppliers; and negotiate more favourable terms with incumbents.
Craft a market intelligence strategy that works for you
As more organisations take a more strategic approach to procurement, market intelligence will play a key role. Download the white paper and see how you can craft a market intelligence strategy that works to your best advantage and gives you an edge.
And if you’d like to know more about our market intelligence solutions for procurement teams, please do get in touch.