No Result
View All Result
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
No Result
View All Result
No Result
View All Result
Home Marketing

What is Procurement Market Research?

by Wilfred Shah
in Marketing
0
0
SHARES
681
VIEWS
Share on FacebookShare on Twitter

Procurement market research is the process of in-depth study and analysis that entails defining the specific need and determining the most appropriate acquisition method for procurement.

The term ‘procurement’ though often used arbitrarily with ‘purchase’ is an entirely different and systematic process that includes sourcing and purchasing goods and services from an external source, like a third-party vendor or supplier as opposed to direct purchase. In that regard, procurement market intelligence acts as a suitable precursor to purchasing.

The procurement department is in charge of purchasing products and services for a business, shopping for supplies at fair rates, managing all legal processes involved with securing a contract, budgeting expenses for the goods, and analyzing financial patterns to ensure that company funds are invested wisely.

Hence, a procurement manager by and large deals with things like sourcing activities and tactical sourcing, negotiation and vendor management, strategically selecting goods and services, approving organizational purchase requests, and receiving goods and services.

Although a manual data-gathering approach may not be successful or feasible in many business environments today, given the many detailed moving parts in procurement analysis that each requires sufficient attention.

Regardless of the system, procurement market intelligence plays a critical role in a variety of ways. To begin with, procurement market research will help enhance the ability to evaluate current supplier relationships and determine risk factors.

This analysis-induced predictive model when supported by technology can be used to combine spend data with intelligence data to arrive at a suitable solution that adds value to the company by allowing it to make more educated and meaningful decisions.

For example, if the price of raw material, say cement, has dropped below the limit specified in the supplier contract, companies may request the next stock at a lower price. As a result, the cost of the commodity is reduced.

One of the major challenges for any business is to find or source quality suppliers. The effects of engaging the wrong suppliers can be financially draining. Through excellent procurement market intelligence, this issue may be minimized.

Although manual methods for collecting and analyzing procurement market data are available, the reality is that many companies across a broad variety of industries face common pain points that could be solved by automated processes.

Many businesses have benefited from accurate and timely intelligence in making better decisions about new and existing suppliers. They were able to save money, minimize risk, and gain other important advantages.

With this in mind, procurement professionals may need to examine how they collect and evaluate market data in their departments, as well as identify areas where they can develop. In general, a company’s procurement department undertakes six different procurement processes.

These may have different names depending on the business and market, but the method is more or less the same. Open tendering, limited tendering, request for proposal, two-stage tendering, request for quotations, and single-source procurement are the six types of procurements.

Armed with these approaches along with strong 360-degree analysis and supported with technological aids, procurement market research makes a strong case in credibility that businesses across spectrums should seriously consider, nurture and invest in.

Previous Post

Top 6 Technology Skills Every HR Professional Needs Today

Next Post

Why are Herbal Tablets Loved By Everyone?

Wilfred Shah

Wilfred Shah

Senior Editor

Next Post
Why are Herbal Tablets Loved By Everyone?

Why are Herbal Tablets Loved By Everyone?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Karpaz Marina Hotel: A Gateway to the Unexplored Paradise

Karpaz Marina Hotel: A Gateway to the Unexplored Paradise

44 mins ago
Five Ways to Ensure Your New Hire Feels at Home

Five Ways to Ensure Your New Hire Feels at Home

52 mins ago
How Does Better Tech Lower Insurance Business Risk?

How Does Better Tech Lower Insurance Business Risk?

1 hour ago
How do you recognize when your roof needs urgent repair?

How do you recognize when your roof needs urgent repair?

1 hour ago
Get the Perfect Look With Thin Set Brick

Get the Perfect Look With Thin Set Brick

1 day ago
High Temperature Thermocouple Wires: A Comprehensive Guide

High Temperature Thermocouple Wires: A Comprehensive Guide

1 day ago
No Content Available

Get Blogo is a web magazine platform. Our aim is to provide trending information. So that, our readers get benefited from this website. Our team is here to provide the latest news and information on different topics.

Category

  • Animals
  • Apps & Software
  • Automotive
  • Biography
  • Business
  • Celebrity
  • Education and Career
  • Electronic & Gadgets
  • Entertainment
  • Fashion and Beauty
  • Finance
  • Fitness
  • Food and Recipes
  • Gaming
  • Health
  • Home and Garden
  • Jobs and Services
  • Law
  • Lifestyle
  • Love and Relationship
  • Marketing
  • Miscellaneous
  • News & Politics
  • Nursing
  • Outdoor
  • Parents and Children
  • Politics
  • Real Estate
  • Social Media
  • Sports
  • Tech
  • Tips and Tricks
  • Travel
  • TV Shows
  • Writing
  • Trending
  • Comments
  • Latest
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

March 7, 2023
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

December 28, 2019
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

0
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

0
Karpaz Marina Hotel: A Gateway to the Unexplored Paradise

Karpaz Marina Hotel: A Gateway to the Unexplored Paradise

April 1, 2023
Five Ways to Ensure Your New Hire Feels at Home

Five Ways to Ensure Your New Hire Feels at Home

April 1, 2023
  • About
  • Team
  • Privacy Policy
  • Editorial Policy
  • Terms & Conditions
  • Contact

Copyright © 2020, Get Blogo

No Result
View All Result
  • About
  • Contact Us
  • Disclaimer
  • Editorial Policy
  • Get Blogo – Web Magazine
  • Home 4
  • Home 5
  • Privacy Policy
  • Team
  • Terms And Conditions

Copyright © 2020, Get Blogo