Rapid, Relevant and Reliable
Market volatility causes significant challenges to procurement managers. To deliver value to the business it is critical to have insight into the current cost and market dynamics of key categories & raw materials, together with early warnings of potential market risks. With so many sources of information available Dragon Sourcing rapidly filters out what is relevant and reliable to support effective decision making. From a one off market analysis to support your strategy development to regular price forecasts to inform buying decisions, Dragon Sourcing can give you competitive insight:
Receive Unique Insights
Comprehensive Primary and Secondary Sources
Valuable insight comes from interrogating both primary sources such as suppliers, and industry experts, and secondary sources such as industry publications, databases and associations. Through Dragon Sourcing’s growing network of industry contacts and supplier databases we gather multiple viewpoints to increase the depth and reliability of the intelligence.
Local Insight with Global Reach
Globalization of markets comes with increased risks and opportunities. To sustain competitive advantage it is necessary to consistently integrate both global and local intelligence. Dragon Sourcing meets this challenge through its network of operations that span the key markets of Asia, Latin America and the Middle East.
Procurement Intelligence
- Discovering market opportunities
- Making informed buying decisions
- Conducting effective negotiations
- Clarifying supply chain risks
Procurement Intelligence: Transforming Supply Chain Management
Today, high speed supply chain management has made procurement intelligence a different game altogether. Using analytical tools and data based information, businesses will be capable enough to take decisions which will lead them to profit making.
Benefits of Procurement Intelligence for Supply Chain Management
Procurement intelligence comes with a host of advantages for supply chain management. It allows them to maximize profits, save costs and sail through difficulties. It companies start analysing data and work as per the outcomes of that data then that can reduce hiccups in the supply chain.
How to Implement Procurement Intelligence in Small Businesses
Small firms can also use procurement intelligence to their benefits because it would give them appropriate solutions to make profits. Using software that gives reliable data and adequately training employees to handle such systems and technologies is a great way of marking procurement intelligence a part of your organisation.
Enhancing Supplier Relationships through Procurement Intelligence
A good relationship with the supplier is undoubtedly important for a hassle free supply chain. Procurement Intelligence is a necessary tool for monitoring the performances of suppliers, fixing various issues and promoting good relationships with the suppliers. Transparency in communication along with reliable data and mutual respect are hallmarks of a good business and supplier relationship which drives the company towards growth.
Future Trends in Procurement Intelligence and Analytics
Today’s trend in the field of technology speaks volumes about the future. It suggests artificial intelligence (AI) will be a dominating force in the field of procurement intelligence along with technologies like machine learning and blockchain. These technologies will make predictive analytics, automate routine tasks, and secure data more reliable and also increase its credibility. Being constantly updated on technological advancements can help one’s business to take huge strides in the way of growth, success and endless possibilities.
Measuring ROI of Procurement Intelligence Initiatives
ROI stands for Return on Investment. This is measured by procurement intelligence. Procurement intelligence also helps to measure key factors that are indicative of growth such as savings, performances of suppliers and efficiency of procedures. Regular evaluation of these points are essential for having a strong hold on the competition.
Procurement Intelligence Trends and Insights
Recent trends suggest that procurement intelligence increased usage of cloud based solutions, a step forward to sustainability and using artificial intelligence analytical tools. This makes sure that business houses function with utmost clarity and operate with smooth and hassle free procedures.
How to Use Procurement Intelligence for Strategic Sourcing
A vital and inseparable part of procurement intelligence is Strategic sourcing. It is for this tool that businesses can take appropriate decisions based on market & price analysis along with the capacity of suppliers. This helps in choosing the right supplier for the job, get hold of beneficial contracts and achieve long lasting growth and profits.
To Conclude, procurement intelligence is a sure shot way to ramp up supply chain management through credible data analysis and efficient operations. Irrespective of the size of companies, implementation of procurement intelligence paves the way for efficient functioning, growth, strengthening relations with suppliers & sustainable success.
Frequently Asked Questions
Below are answers to the most frequently asked questions. Please feel free to contact us. Use our contact form to describe the support you are looking for.
We can source any product or service from commodities to custom developed products. Check our Category Expertise section to see the range.
We work with small, medium size and multi-national companies that are looking to procure goods and services from emerging markets for export or to support their local operations.
We are supplier independent, we never take commissions from suppliers, and we conduct our procurement on an objective and documented basis.
From initial brief to quantifying the potential value opportunity, takes between a few days for categories we know well to 2 months for new categories.
To qualify a new supplier that has been identified as offering potential value, takes between a few weeks for simple off-the-shelf products to several months for complex custom engineered products.
contact us to discuss your requirements.