Why Do We Need Market Intelligence?

Why do we bother to gather market intelligence on the strategic commodities we are sourcing? The answer is that if we don't we may be exposed to unnecessary supplier risk and any competitive advantage we thought we had may be lost.

Mumbai, India (prHWY.com) December 5, 2012 - Supply Market Analysis vs. Market Intelligence

Supply market intelligence is a current buzz-phrase currently gaining rapid exposure. It is essentially an upgrade of supply market analysis and can be defined as the process of gathering, filtering, distilling and presenting information relevant to a company's supply markets. The specific purpose is to support accurate and confident decision making in the procurement process.

A properly executed and insightful supply market study requires that significant and disparate amounts of research materials be collected through primary and secondary research. Traditionally, supply market analysis has included developing a commodity profile, examining cost structures, researching suppliers, and identifying key market indicators.

Being able to able to assemble a supply market analysis for a given commodity is a skill that is essential for every supply chain professional to master. Primary research is information gathered through interactions with other people typically through meetings, one-on-one structured interviews, focus groups, and surveys. Primary research with current and prospective vendors is often more valuable and insightful than secondary research.

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Tag Words: supply chain, supply markets, market intelligence

Categories: Marketing

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