Supply Market Intelligence or SMI as it is also known, refers to the market data gathered and analyzed to make informed decisions for supply chain management. SMI is key in helping businesses improve performance by improving the delivery of goods and services. It also helps in helping better understand the market, identify future trends, and avoid any unwanted disruptions in delivery. Building a world class procurement strategy is a massive challenge, and SMI heavily relies on technology to achieve its goals. Supply Market Intelligence needs professionals in charge to have a deep understanding of procurement processes for maximum benefit.
Test #1: The Amount of Market Data
SMI relies on detailed market data in order to get a better picture of the supply and demand variables in any existing area. Understandably, handling massive amounts of data and mining it for intelligent results is an uphill task that can be further compounded if different sources are used to obtain information.
Test #2: Reliability and Validity of Data
Another issue in the effectiveness of Supply Market Intelligence is the reliability and validity of data. Often material used from online sources cannot be validated and its authenticity cannot be proven. Furthermore, market data from developing countries is often obtained by inadequately trained staff which may skew the results from the actual picture on the ground. The doubts in the reliability of such data in particular, pose a massive challenge in the success of Supply Market Intelligence techniques.
Test #3: Affording Reliable Research
For businesses that want to reap the benefits of Supply Market Intelligence, there may be no other option than to send out special researchers in the field. This option is not always affordable or doable, and may take up a lot more time before yielding any tangible and actionable results.
Test #4: Finding a Capable Workforce
Supply Market Intelligence is not about reading figures off a screen or clicking a few buttons to make it all good. Good professionals who have a deep understanding of SMI are particularly hard to come by; and those who know their stuff are hard to retain in the first place.
Test #5: Forming Strategic Partnerships
Data collection, processing, and analysis can become much easier when you partner up with an organization specializing in SMI. This can help reduce the overall costs of delivering high impact data without affecting the reliability or quality of the data.
Test #6: Hiring Intelligence Providers
If you feel the need to obtain market data directly from the source, hiring specialized intelligence firms is a good choice. This ensures the information you receive is high quality, relevant to your market, and reflects the attitudes of consumers and suppliers.
Test #7: Adopt Global Best Practices and Teaming Up With Service Providers
By adopting global best practices you can retain highly capable SMI professionals in your organization. Another option is to leverage relationships with service providers for effective process management and strategy development.
Closing Thoughts
Supply Market Intelligence has proven its usability and effectiveness across multiple industrial sectors. Businesses worldwide are moving towards relying on Supply Market Intelligence for improving services delivery and increasing profitability. While there are undoubtedly a few challenges posed by the need for data processing, forming partnerships, and training a competent workforce, all of them can be met with a little bit of planning and information.
SMI relies on detailed market data in order to get a better picture of the supply and demand variables in any existing area. Understandably, handling massive amounts of data and mining it for intelligent results is an uphill task that can be further compounded if different sources are used to obtain information.
Test #2: Reliability and Validity of Data
Another issue in the effectiveness of Supply Market Intelligence is the reliability and validity of data. Often material used from online sources cannot be validated and its authenticity cannot be proven. Furthermore, market data from developing countries is often obtained by inadequately trained staff which may skew the results from the actual picture on the ground. The doubts in the reliability of such data in particular, pose a massive challenge in the success of Supply Market Intelligence techniques.
Test #3: Affording Reliable Research
For businesses that want to reap the benefits of Supply Market Intelligence, there may be no other option than to send out special researchers in the field. This option is not always affordable or doable, and may take up a lot more time before yielding any tangible and actionable results.
Test #4: Finding a Capable Workforce
Supply Market Intelligence is not about reading figures off a screen or clicking a few buttons to make it all good. Good professionals who have a deep understanding of SMI are particularly hard to come by; and those who know their stuff are hard to retain in the first place.
Test #5: Forming Strategic Partnerships
Data collection, processing, and analysis can become much easier when you partner up with an organization specializing in SMI. This can help reduce the overall costs of delivering high impact data without affecting the reliability or quality of the data.
Test #6: Hiring Intelligence Providers
If you feel the need to obtain market data directly from the source, hiring specialized intelligence firms is a good choice. This ensures the information you receive is high quality, relevant to your market, and reflects the attitudes of consumers and suppliers.
Test #7: Adopt Global Best Practices and Teaming Up With Service Providers
By adopting global best practices you can retain highly capable SMI professionals in your organization. Another option is to leverage relationships with service providers for effective process management and strategy development.
Closing Thoughts
Supply Market Intelligence has proven its usability and effectiveness across multiple industrial sectors. Businesses worldwide are moving towards relying on Supply Market Intelligence for improving services delivery and increasing profitability. While there are undoubtedly a few challenges posed by the need for data processing, forming partnerships, and training a competent workforce, all of them can be met with a little bit of planning and information.