The process of gathering and analyzing data for smooth procurement and effectively addressing risks is known as procurement research. By conducting procurement research, an organization can also obtain information pertaining to supply chain risk assessment. The assessment is necessary to develop a robust procurement strategy and be prepared for any eventuality in future.

2. Procurement is a critical process in any
organization. It is a key strategic function that
should be aligned with a company’s objectives.
Today, supply chain has gone global in line with
modern-day business requirements, with vendors
and partners located remotely, beyond domestic
borders.
However, ensuring an efficient supply chain is a
complex process and requires comprehensive
research and market intelligence.

3. PROCUREMENT RESEARCH ASSISTS IN OBTAINING
CRITICAL INFORMATION TO ADDRESS CHALLENGES:
Procurement research includes a detailed analysis of available suppliers
and helps in shortlisting the ideal ones. Only those suppliers are
onboarded who have a credible reputation, are known for their superior
quality, and wide presence.
Supplier selection –

4. Details of their pricing, quality, adherence to timelines, financial stability
and business acumen are also documented to ensure that no sudden
challenges at the supplier’s end, such as bankruptcy, affect delivery and
thereby negatively impact the business.
Supplier management
Inaccurate data
At times, organizations can make the mistake of over- or under-purchasing
due to inaccurate data. With procurement research, an organization can
study its historical data and cross-check it against the business’s
procurement plan.

5. The global supply chain is
highly vulnerable. With
vendors and suppliers
operating from diverse
geographic locations, it is
crucial to be aware of the
developments affecting
the regions they are
situated in. Such firsthand
information can be
obtained via procurement
research.
Supply chain disruption

6. Risk management in
procurement needs a strong
supply chain risk assessment
plan. This requires the latest
data for analysis to be up-to-
date and effective.
Procurement research gives
valuable information that can
help in estimating,
controlling, and mitigating
various risks associated with
procurement operations.

7. THANK
YOU
We look forward to working
with you
REACH US ON SOCIAL MEDIA
harveen.gandhi@aranca.com
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