Today, we’re talking about market research in Procurement. More specifically, we’re covering how to optimize the market research and market intelligence gathering processes within your organization. This will help you generate better and faster outcomes from your sourcing events.
Currently, when your organization needs to buy something new, you’ll do research on the market and potential suppliers through a many different methods: search engines, industry conferences, asking other buyers in your network for referrals, etc. This is all very labor intensive. How can we optimize this process? That’s the question at the heart of this episode.
To help me discuss the subject, I am joined by Embry Davis, Senior Business Development Manager at ProcurementIQ. A research and market intelligence firm dedicated to creating research products for procurement professionals. Embry has been in the research space for just under a decade so I was excited at the prospect of picking his brain on leading practices in this space.
During our chat, we covered a variety of topics such as:
- At a high level, how to go about market research
- The typical pain points and value drivers associated to market research activities
- How to adopt and successfully roll out market intelligence tools in your organization
- And we get into some interesting case studies near the end of the episode.
As always, if you have questions or comments after listening don’t hesitate to reach out via any of the Pure Procurement channels (e.g. LinkedIn)
Show Notes
@2:10 – Introductions
@3:39 – How Embry defines market intelligence and where it fits into the Procurement process
@6:28 – What are the main value drivers you can leverage when investing in market and supplier data gathering activities?
@8:42 – What are the typical pain points for organizations when gathering market and supplier data?
@11:55 – What are the non-technology related mechanisms you can use to optimize this process in an organization?
@13:35 – What sort of software tools can help organizations further optimize the market intelligence process once the process Itself is optimized?
@17:08 – What does success look like what you are using market intelligence tools correctly?
@21:00 – What are the main differences and tradeoffs between different market intelligence solutions?
@23:05 – What are some misconceptions that Embry sees on the market for market intelligence software tools?
@25:55 – What does the adoption and rollout process look like for a market intelligence tool?
@28:20 – How would Embry build out a business case for a market and supplier data gathering tool?
@32:01 – How would Embry categorize the differences between a supplier discovery tool and a market intelligence tool?
@33:34 – In what concrete ways has Embry seen Procurement professionals use these tools to generate value for their business (case studies)?
You can get in touch with Embry on LinkedIn or via email at embry.davis@ProcurementIQ.com
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What other mechanisms are you using to optimize your market and supplier data gathering processes? Have you identified other pain points related to these processes? Have you identified other value levers to build business cases for Market Intelligence tools? Let me know in the comments.
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Intro music provided by hooksounds.com.
