Finding and pre-qualifying suppliers is one of the most important – and most challenging – activities procurement leads. When there are incumbent suppliers for a product or service, procurement has the opportunity to introduce new ways of meeting business needs, or at least to bring a new perspective on their capabilities based on market alternatives. When a new need is identified, quickly providing the business with a list of prospects is an essential priority.
The information procurement needs when searching for suppliers can not always be located through a traditional Internet search. As a result, being able to access supplier marketplaces, directories, and databases makes procurement’s job easier and improves the quality of the information they have access to before ever reaching out to those suppliers.
Supplier marketplaces often provide additional information procurement needs such as: contact details, product and service categories, sustainability and diversity ratings, commendations, peer reviews, and more.
