Supply Market Intelligence for Procurement Professionals by Jeanette Jones and Kelly Barner
In many organizations, procurement has evolved from a tactical, transaction-oriented department into a strategic function responsible for establishing spend management objectives for the entire organization. While the tools they use and the skills they possess have increased overall effectiveness and efficiency, procurement’s internal reputation has not evolved at the same rate. The transformation of the reputation of the procurement function must be directly associated with its ability to generate measurable value. Supply market intelligence (SMI) creation is just such a capability.
This book provides procurement professionals with the process, skills, and resources to develop a supply market intelligence program that will deliver value to the organization as a whole. The authors clearly explain each of the concepts introduced and then provide the background and steps required to make execution possible.
Part I of the text outlines how to design a supply market intelligence program that meets the needs of the organization while integrating with existing procurement team structures and processes. Part II is a detailed listing of resources available to procurement professionals that will prove to be a trusted guide to a seemingly endless pool of resources and a targeted quick reference for more experienced researchers.
- Presents an easy-to-understand foundational explanation of supply market intelligence and a process for creating this program capability within specific procurement efforts
- Details how supply market intelligence advances strategic sourcing, category management, supplier relationship management, risk assessment and mitigation, spend analysis, and procurement transformation efforts, as well as how to build a business case for it
- Supplies a detailed listing of quality research resources organized by source type and industry/category spend (all determined with an eye for value) and outlines how to determine resource quality factors and when to pay for content or research assistance
- Includes Quick View Analysis charts for easy identification of research resources provided for supplier identification and diligence, commodities pricing, agriculture, chemicals, energy, metals, plastics, contingent labor, marketing, MRO, and travel