Large organizations are shifting their focus toward developing a procurement strategy based on detailed procurement research. Procurement research, including detailed insights on the current and future market trends, allows organizations to manage supply chain risks, as well as achieve operational efficiency. The business landscape is highly competitive and in order to succeed every business needs to ensure that it has a well-defined plan. An important aspect of planning is procurement, and procurement research is a critical element of this process. https://www.aranca.com/procurement-research/overview

1. SIGNIFICANCE OF PROCUREMENT
RESEARCH

2. Introduction -
● Large organizations are shifting their focus toward developing a
procurement strategy based on detailed procurement research.
● Procurement research, including detailed insights on the current and future
market trends, allows organizations to manage supply chain risks, as well
as achieve operational efficiency.
● The business landscape is highly competitive and in order to succeed every
business needs to ensure that it has a well-defined plan.
● An important aspect of planning is procurement, and procurement research
is a critical element of this process.

3. Increasing Significance of Procurement
Research -
● It helps the business in achieving greater transparency in sourcing, making it
cost-efficient and reducing supply risks. Research entails delving deep into
various facets of the procurement process.
● Moreover, the data and insights enables decision makers across the
procurement lifecycle to develop a strong strategy and define processes for
continuous monitoring and evaluation.
● The increasing significance of procurement research can be attributed to the
reasons discussed in next slides

4. Operational Efficiency –
● Due to precise intelligence gathered, procurement research can direct
organizational resources to key priority areas and help the organization
in quickly adapt to changing supply market dynamics.
● Procurement research can also include a ‘make versus buy’ analysis (of
associated cost and value drivers) to understand what will be more cost-
efficient: manufacturing or outsourcing it.

5. Effective Sourcing –
● Most companies intend to source top quality materials at the most
reasonable cost.
● Comprehensive procurement research provides complete details of the
supply landscape, including potential suppliers with their capabilities
and prices, which helps in taking the right decisions.
● Procurement research can also help in identifying the most cost-
effective geographies for sourcing.

6. Use of Technology –
● Technological innovations and disruptions that are redefining the supply
market can be identified.
● Leveraging the understanding of potential benefits of new innovations,
existing processes can be upgraded.
● Adopting useful technologies is important to gain a competitive edge
over others.

7. Risk Management –
● Every supply chain is exposed to a myriad risks. Procurement research
can help predict some of them, helping organizations to be ready with an
action plan.
● Warning signs can be spotted and businesses can be hedged
accordingly. Consequently, any negative impact can be minimized.

8. Informed Decisions -
● Armed with information and analysis, businesses can address the
challenges of supply chain management.
● They can take informed decisions, which would enable them to increase
cost savings, reduce supply risk, effectively manage the supply base and
add strategic value to the organization.

9. Procurement Research And Advisory
Services -
● Aranca provides procurement research and advisory services, having
dedicated category-specific teams with high credentials.
● With access to reliable data sources, we don’t just provide facts but also
intelligence and insights not possible from published sources alone.
● We have expertise in both primary and secondary research and create a
unique analytical perspective.

10. Procurement Research And Advisory
Services -
● Sourcing teams leverage our research expertise across multiple business
needs, including Category 360 Framework, Should-cost Models, Best Cost
Country Sourcing Analysis, Should Cost Modelling, RFx (RFI/RFP)
Management, Supply Risk Assessment, and Supplier Diversity.
● Procurement research is a crucial requirement for an organization, given the
multiple benefits it offers.