In the first part of this two-part feature, we introduced the topic of market intelligence (MI), specifically talking about what it is and its value. We also discussed the ways businesses can access MI.
In this video, the second part, we talk extensively about the following two types of external intelligence providers:
- Syndicated providers
- Custom intelligence
As the procurement function continues to grow as an intelligence contributor to the overall business goals, procurement teams are being asked to do even more with their limited resources and time. Therefore, their need to access robust MI and procurement analytics increases – implying a growth in the role and value of intelligence.
Watch the video that further discusses the top 10 questions businesses should ask before determining the best source of intelligence for them:
- Who will use it?
- Knowledge and experience of the stakeholders
- How niche are the needs?
- Level of depth required
- How critical is the problem?
- Data integration capability?
- Right tools and technology
- Leverage analytics to get the right answers?
- User-ready or plug and play?
- Is it cost effective over time?
Be sure to subscribe to our bi-monthly series for the latest concepts and ideas that influence procurement and supply chain executives. You can also read more about our Procurement and Supply Chain solutions.