“Procurement should be equipped to speak to the small things that are going on in a given category to maintain their credibility and ensure that they are viewed as a knowledge center throughout the organization.” –Thomas Lawson, Product Development Manager, ProcurementIQ
“The most strategic procurement organizations have taken market intelligence and implemented it throughout their process; it’s much more effective, efficient, and ultimately beneficial to their stakeholders relationships when leveraged that way.” –Ashley Cruz, Manager of Client Services, ProcurementIQ
In a recent Art of Procurement survey, access to market insights was cited as the second most pressing challenge for procurement professionals. Even when procurement is able to access the insights they need, they still have to ensure that they are up-to-date, harder than ever given the level of uncertainty and unpredictability in today’s business climate.
In this week’s episode, Host Philip Ideson is joined by Ashley Cruz, Manager of Client Services at ProcurementIQ, and Thomas Lawson, their Product Development Manager. Starting by providing an honest look at procurement’s legacy relationship with market intelligence, they share some of their best tips for making insights actionable and provide a behind the scenes look into how ProcurementIQ builds their market intelligence reports.
In particular, Ashley and Thomas answer questions about:
Why the time has come (or passed) for procurement’s market intelligence to move beyond supplier discovery and cost/price benchmarking
The value of incorporating market trends and dynamics as well as models into the negotiation and bid review process
The most frequently asked questions they hear from procurement teams when it comes to accessing and acting upon market insights and intelligence
