Tosapwise
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IUnderstand who the major players are in the industry you’re dealing with. This involves compiling a list of potential suppliers and researching their business history, reputation, financial stability, and capacity.
Assess how these suppliers perform in terms of quality, delivery speed, reliability, cost, and innovation. You can do this by getting feedback from their customers, reading reviews and ratings, and looking at any awards or recognitions the suppliers have received.
Stay updated with the latest trends in the market. This could include changes in prices, technology advancements, new entrants, changes in consumer behavior, etc.
Determine how competitive the market is. Look at the number of suppliers, the variety of products and services they offer, their pricing strategies, and how easy it is for new suppliers to enter the market.
Look at past procurement data to understand your buying patterns, identify areas where you can save money, and negotiate better contracts with suppliers.
Identify risks associated with each supplier including supplier reliability, risks related to changes in market conditions, and risks related to the supplier’s financial stability.Based on research, develop strategies for negotiating contracts, managing suppliers, and improving efficiency
The importance of market research in procurement and supply chain cannot be overstated. It provides invaluable insight into the workings of the market and helps businesses make informed decisions. By understanding key suppliers and their performance, businesses can align themselves with reliable partners. Recognizing market trends allows companies to stay ahead, while assessing market competitiveness helps in standing out. Analyzing spend data and conducting risk assessment ensures efficiency and mitigates potential losses. Ultimately, market research forms the basis for developing effective procurement strategies, contributing to the overall success and competitiveness of a business.
market research in procurement and supply chain is an ongoing process and should be conducted regularly to stay updated with changes in the market.
In recent years, there has been a significant shift towards digital transformation in the supply chain market. This trend is driven by the need for increased efficiency and transparency in procurement processes. Technological advancements such as AI, machine learning, and blockchain are being integrated to improve forecasting, automate repetitive tasks, and enhance traceability.
Additionally, there's a growing emphasis on sustainability, with many businesses seeking to collaborate with suppliers that demonstrate environmentally-friendly practices. The COVID-19 pandemic has also highlighted the importance of having a resilient and flexible supply chain that can adapt to unexpected disruptions.
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