Why use Market Intelligence?

A rapidly growing number of organisations across the world are finding the creating a dedicated Market Intelligence team provides massive benefits for their business.

Simplify the complex

Rather than trudging through reams of data or purchasing huge reports, an effective Market Intelligence function can provide Category Managers with easily digestible reports, tailored to provide the specific information they need.

Panning for gold

Using hundreds of sources of data, from 3rd party research to government publications, MI analysts transform all of this data into concise deliverables that managers can use to make effective decisions.

Make decisions faster

Focused resource, economies of scale and access to an incredibly broad range of research means research is completed far quicker than when conducted by the procurement teams, often to a far greater level of detail.

This drives faster and efficient decision making within organisations – a recent study found that companies with a market intelligence function had 15% increased efficiency in their decision making.

Save time and money

Utilising a specialist team for Market Intelligence can provide significant savings for your business: not only are there economies of scale from all research requests being collated and performed in one place, but Market Intelligence is delivered quicker by more cost-effective resources, and the cost of third party resources is reduced.

More importantly, valuable Category Managers’ time is freed up to focus on strategic parts of their role that can otherwise fall by the wayside.

Diagram showing increase in Strategic Focus after MI Team

A recent study into the subject showed that utilising a Market Intelligence function transforms the amount of time Category Managers spend on strategic activities from 20% of their time to 70% of their time.

Get more from your Procurement Team – Contact SpringTide now on +44 (0) 7495 468488 or just fill in this form.