In the first part of this two-part feature, we discuss market intelligence (MI) and its benefits, specifically addressing three questions:
- What's the value of MI and what should it help you do?
- How can you access MI and in what types of formats?
- What are the specific questions that business must ask to maximise MI?
With supply chains becoming ever more complex and dynamic, procurement professionals are challenged with getting a lot done at a much faster pace and in a fact-based manner. To develop and implement well-rounded strategies, they need to seek and harness robust MI, which can help them:
- Achieve category management excellence
- Reduce and avoid costs
- Engage in robust supplier management
- Effectively manage commodity and feedstock volatility
- Become more credible with stakeholders
Watch the video to learn how MI can be sourced through both internal and external sources. In our next video, we will explore the role of syndicated and custom providers.
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