When procurement leverages market intelligence for decision making, they increase their chances of creating successful business outcomes for the organization. Accurate, up-to-date market intelligence is a key differentiator for procurement.
Best practices for gaining market intelligence include gathering a powerful combination of internal and external data, using advanced analytics or AI tools to process and draw insights from vast amounts of data, and communicating those insights to individual categories, business functions, or stakeholder groups. Integrating marketing intelligence into the procurement process ensures that procurement’s decisions are always informed by relevant market dynamics and reflective of a culture of continuous learning and industry engagement.
