Research reports aid procurement departments in supplier research
IBISWorld, an independent source of market research, provides procurement departments with instant access to data and analysis on hundreds of products and services. The firm’s reports enable public purchasers to engage and negotiate with suppliers. With the research, buyers can better control the sourcing process, establish credibility with internal stakeholders and, ultimately, save agency money by spending smarter. Go here for information on the firm.
With the company’s research, the Procurement Department of Santa Clara County, Calif., has achieved efficiencies. In one instance, a Santa Clara buyer saved $380,000 by incorporating analysis from an IBISWorld report into the purchase process. The buyer used data from the Quality Control and other Product Characteristics sections of the report to add more detailed specifications and key performance indicators to the agency’s RFP. With these details in mind, vendors were able to offer more accurate price quotes for their services.
The reports enable Santa Clara municipal buyers to remove the middleman and help limit researchers’ dependence upon lengthy and possibly biased vendor and client communication. The company’s research has helped to shorten the Procurement Department’s sourcing lead time by as much as 50 percent per project.
“Our reports follow a step-by-step sourcing process. This allows buyers to find the data and analysis they need at any stage of the purchasing process,” says Ashley McKay, who is IBISWorld’s Media Coordinator for Procurement Research.
She says her firm’s research can help buyers at various stages, such as:
–When they are researching the pricing environment during the Needs Analysis stage, or
–Comparing and vetting suppliers, or
–Negotiating contract terms
McKay adds that once a government contract has been awarded, buyers can take advantage of the firm’s critical Negotiation Questions and the firm’s analysis on Total Cost of Ownership and Supply Chain Risk. Go here to learn more about the company’s offerings to procurement professionals.
The company’s collection of category research also helps support purchasing decisions in the event of vendor dispute audits. The firm’s reports also fit seamlessly within the Federal Strategic Sourcing Initiative.
IBISWorld has been producing market research since 1971. The firm’s series of procurement reports are still relatively new. The company has been producing these since 2013.