In the procurement business the key to lower costs, high profits, good supplier relations and a competitive operation depends on the quality market and vendor data. Right market information and intelligence can only help companies evaluate how best they are performing against their stated objective, but also enables them to compare against the best in the industry. Reliable market intelligence with respect to industry demand/consumption trends, supplier cost models, pricing strategies, is vital to hedge the sources and buffer procurement uncertainties. Thus, having the right market intelligence is valuable in maintaining a competitive edge.
While market information is useful to work on, benchmarking helps to uncover efficiencies, and removes for improvements.
Our team with deep networks across the industries and at various levels has wide access to most accurate and up to date market information. We gather data from key industry veterans, procurement managers and suppliers on current and future needs and preferences, changes in the business environment that have an impact on the market and strategically play on those grounds.
The main objective of our benchmarking service is to provide information where it adds value to the procurement process resulting in firm’s improved performance and development. As procurement specialists, we are dedicated to providing the best of services. We believe that the key to high performance, successful sourcing and negotiation is to provide the right intelligence at the right time. Our internal benchmarking helps you to understand your potential and identify existing good practice indicators. Our service also includes an extensive external benchmarking service. We help in benchmarking of current sourcing operations and a comparison with the world-class operations including pricing, vendor capacity etc. Pricing is constantly fluctuating, we have industry-leading applications to manage price as it moves in the market. Our price benchmarking service gives you instant access to monitor information on the pricing and the market’s response to these. Our team uses the data from this process to ensure pricing remains competitive and a range of price brackets exist based on the key lines contracted from. Our service provides you information to compare price and gauge competitiveness in the market.
With our market intelligence and benchmarking service, we assist our clients with the following:
- Improved market information and negotiation power
- Reduce cost of goods procured
- Improve the quality of materials received
- Identify areas that require attention in the procurement process
- Set negotiation targets based on market information
- Continuously improve and monitor process
- Understanding best practice / proven sourcing, pricing approaches
- Handle effective negotiations