What is supply market intelligence?
As industries rapidly evolve, the need for data, analytics, research, and comprehensive strategies rises substantially, and companies witness losses without implementing change. Growing markets demand novel approaches, and supply market intelligence propels companies forward with crucial data and information regarding consumers, competitors, industry developments, and suppliers. These relevant and critical insights help companies improve their supply chains, procurement, sourcing, purchasing, and other crucial functions. The healthcare industry utilizes the benefits of supply market intelligence significantly due to the increasing focus on pharma procurement and development. The innovation-driven and constantly changing market often demands the use of accurate, relevant insights into competitors’ supply chain strategies, consumers’ changing preferences, shifts in market demand, and suppliers’ evolving offerings. As the industry changes, so do the various tenets contributing to companies’ operations, organizational structure, strategies, and business plans. Therefore, it is crucial for pharma industry players to leverage the benefits of supply market intelligence from various viable sources.
What are the best sources of supply market intelligence?
Suppliers and Vendors: The overwhelming need to meet regulatory demands, approval authorities’ benchmarks, and client’s needs encourage suppliers and vendors to remain updated on changes within their market and factors impacting their current or potential clients and competitors. The data procured from suppliers can also provide companies with crucial insights into their performance, compliance rates, and overall performance. External data acquired from suppliers’ websites, interviews, meetings, statements, and other official documents, can help companies gauge a comprehensive understanding of changing market factors. This information enables businesses to choose their suppliers wisely, understand external factors and their supply chain’s performance better, and prepare for new developments or innovations.
Internal Data Sources: With the rising incorporation of digitization, automated systems, and end-to-end data exchange platforms within supply chains, businesses can access relevant data regarding their operations and procedures and apply external data to improve them. Some internal processes that can help companies gain relevant data are supplier relationship management, contract management, spend management, and supply chain management. These systems involve using and exchanging important data, providing companies with insight into their shortcomings or strengths, and help implement crucial changes to improve functionality. Supply market intelligence is applying internal and external data to streamline, improve, and strengthen supply chains.
Research Services and Experts: While procuring data from the various available platforms is effective and highly beneficial, companies often need more comprehensive research, detailed insights, and data-driven recommendations to evaluate and utilize the data available accurately. Understanding a vast market is challenging, and research services or research experts often help businesses gain access to discrete but necessary data within the market. Companies such as SpendEdge help companies identify the right sources of data, build systems to keep abreast of industry developments and improve operations with well-informed decision-making. Leveraging a combination of relevant sources of market data provides companies with differing but essential perspectives, enables growth, and helps establish foundations of built-in data.
Developing a competitive supply market intelligence strategy is critical for big pharma players in the ever-changing landscape of the industry. Request for a free proposal and let our team of sourcing experts offer customized solutions to align your business objectives and ensure best delivery.
What is the value of effective supply market intelligence?
Effective Operations: All markets are constantly evolving faster than others, and companies often find themselves faced with unexpected circumstances that hamper their business. With supply market intelligence, businesses can stay informed on changing dynamics, prepare for consumers’ demands, strategize for suppliers’ sudden challenges, or novel innovations that transform the market. For pharma companies, staying ahead of the curve is imperative due to the rapidly changing regulations, high investments, public health needs, and patent-related challenges. With supply market intelligence, pharma procurement teams can identify and mitigate risks preemptively, modify processes to accommodate changes, and provide end-consumers with an improved experience.
Improved Supplier Management: In every supply chain, suppliers play an undeniable role and impact the success, failure, or potential complexities significantly. Therefore, companies have become increasingly necessary to adopt novel approaches to maintaining strong, beneficial, and valuable relationships with suppliers and vendors. As a company grows, demands from suppliers increase, and supply market intelligence helps companies understand their market, potential costs, consumer demands, and supplier requirements, consequently creating improved relationships. Supply market intelligence also helps stay updated regarding acquisitions, operational changes, customer satisfaction levels, suppliers’ performances, enabling strong, data-driven, and well-informed decision-making. Having relevant data available also allows improved negotiations and stronger terms of the contract.
Competitive Advantage: Challenging and growing markets create competitive environments, high entry barriers, and the need for constant growth and innovation. Leveraging data is the most crucial step toward embracing change, overcoming industry challenges, and staying a step ahead of the curve. Supply market intelligence includes vital information regarding competitors’ strategies, strengths, weaknesses, and processes. Improving supply chains with market intelligence and insights into competitors’ businesses enables creating distinctive approaches, novel processes, and streamlined processes. If efficiently utilized, all data procured can give companies a strategic and competitive edge, setting them apart from immediate competitors and establishing themselves as industry leaders.
Increased Customer Satisfaction: Companies, business plans, and organizational structures have become highly consumer-centric due to rising awareness regarding the importance of customer satisfaction, customer experience (CX), and brand loyalty. Due to the rising number of players in various markets, professionals witnessed the need for differentiated offerings, competitive pricing, improved quality, and better internal operations. Applying supply market intelligence to supply chain operations, procurement processes, and sourcing can improve speed-to-market, productivity, quality of final product, and consequently, customer satisfaction. In the healthcare industry, pharma procurement teams must invest time, research, and finances in creating a hygienic, compliant, and fast supply chain to ensure customer satisfaction and drive sales while meeting industry criteria.
Streamlined Supply Chain: Businesses have begun to understand and value the exponential role of procurement, sourcing, and supply chains in business operations and constantly strive to better their operations through research, data, management, and strategies. Supply market intelligence propels this process in the ideal direction and helps companies identify the necessary changes, improvements, eliminations, and procedures that must be implemented to succeed. With crucial insights regarding market changes, preemptive strategies to tackle potential risks, improved supplier relationships, insight into consumers changing demands, and improved speed-to-market, companies develop streamlined and resilient supply chains that can sufficiently withstand the impact of unpredictable changes.
The healthcare industry has witnessed exponential growth, innovation, and change over recent years, and many companies struggle to keep pace with the rapidly evolving market. A major pharmaceutical manufacturer sought to develop systems and garner information to minimize the impact of sudden changes and address internal shortcomings. To do so, the pharma company partnered with SpendEdge and leveraged our expertise in offering supply market intelligence. Their pharma procurement team worked closely with our experts to identify relevant data sources, gather crucial data, and develop systems to acquire relevant data regularly. With the guidance and recommendations of SpendEdge experts, the company identified various internal challenges, understood their market, prepare for consumers’ changing needs, and managed to stay a step ahead of their competitors with accurate data and effective strategies.