Market Research for Procurement
Market Research for Procurement is the gamut of activities undertaken to gather, analyze and interpret market data specifically for procurement needs. It enhances informed decisions making by assisting in supplier selection, price negotiation, risk management and understanding industry trends and benchmarks, effectively optimising procurement processes.
Level 1: Emerging
At an emerging level, you are starting to grasp basic procurement market research. You're familiar with key supply market concepts but require further experience and guidance to conduct analysis independently.
Level 2: Proficient
At a proficient level you are able to effectively conduct market research for procurement purposes, analyzing supplier data, market trends, and pricing information to make informed sourcing decisions within the organization.
Level 3: Advanced
At an advanced level, you are adept at conducting in-depth market research to identify industry trends, supplier capabilities, and potential risks, leading to informed procurement decisions and strategic supplier partnerships.
