Market intelligence is an activity which comprises gathering information around your products and services from various angles ranging from suppliers, peers, products, technology and others. While this might sound simple, its actually a cumbersome task. Often market intelligence analysts fail to look into some of information pieces that cost the company’s decisions by leaps and bound. Analysts might wonder on what went wrong, was it data, was it documentation or was it anything else. Answer to this in majority of cases is process adherence. Before we jump into benefits of process adherence let us understand 7 critical process steps of market intelligence study.
Key point that can come in handy to counter the above challenge is adhering to process for capturing all market related data on respective product or services:
Step 1: Create the pre-defined process for executing market intelligence data
Step 2: Brief the market intelligence analysts about the relevance and importance associated with his/her activity
Step 3: Make market intelligence data gathering a continuous task and not the sporadic one.
Step 4:Pay lot of emphasis on right documentation which does not change in nomenclature every now and then.
Step 5: Keep the data gatherers and data analyzers in separate teams
Step 6: Never loose the touch with market specifically from product and services supply side
Step 7: Prioritize the information gathered in following manner (follow the ranks 1,2,3)
- Product/technology data >>>>>2. Supplier Data >>>>> 3.Peer data
Though the above mentioned steps can kick start your ideal supply chain market intelligence study, sustainability lies in scaling and reinforcing the practice time and again.
Process adherence has many benefits which include
- Keeps you updated with current market stats
- Helps you identify the loop holes in the process, which can be regarded as a feed-stock for scaling up your future MI studies
- Helps you master the art of spontaneity, an aspect that helps you pre-look into impact of decision made during sourcing cycle
Crux of good supply market intelligence study lies in adhering to process
Key aspects that would lead to MI activity benefiting strategic decisions include DDR i.e. developing , documenting and re-inventing.
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