Supplier identification as an important part of procurement research
Procurement research is that part of market research which deals with the procurement of goods and services for your company. It comprises diverse fields such as spend analysis, supplier identification and category expertise. Especially when it comes to supplier identification, support from an external provider like Market Researchers can turn out to be a sound investment with long term benefits for your company.
With the structure and behavior of global markets becoming increasingly complex it is even more important nowadays to have expert and up-to-date knowledge at hand to react quickly and efficiently to market demands. Researching this knowledge can be done in-house of course but this means training part of your workforce for this particular task and not being able to use them for other assignments. So why not outsource your research and let experts do it for you? Market Researchers scans international markets and suppliers and provides you with a list of suppliers that are likely to add the most value to your company.
How does Market Researchers proceed? Our experienced procurement research experts,who have been specially trained for this task, identify the best performing suppliers following a three step process. First, they identify countries where qualified and cost-effective suppliers for your particular category are based according to macro-economic properties. Then they compile a list of suppliers for each country using broad criteria such as revenue or number of employees, for which they retrievedata from their supplier identification databases. The third step involves reducing the long list of potential suppliers by following a structured request for information process, which will result in a shortened list of suppliers that are particularly suitable to procure your goods or services.
But the support offered by Market Researchers does not stop with identifying the best suppliers. If you wish, the next steps which are necessary to find new and more efficient suppliers can also be done by the highly-qualified team of analysts available at Market Researchers. These include asking for quotations, visiting suppliers and conducting audits as well as ordering productsamples and comparing them. Equally important and time-consuming if done by your own workforce are a thorough risk assessment of your future suppliers and holding negotiations with their top executives.
Market Researchers is thus able to offer comprehensive researchsupport as far as supplier identification is concerned. Even after you have contracted new and more cost-effective suppliers, their team of experts can provide you with ongoing category support such as quality audit, vendor performance management etc.
