LexisNexis recently posted an article I wrote for its Biz Blog, entitled Step One for Supply Market Intelligence Success: Embracing the Intelligence-Forward Mindset.
Here is the introductory paragraph:
Supply market intelligence (SMI) is increasingly becoming a key strategic component within procurement. The strategic use of intelligence is a way for professionals to approach the many challenges that are faced, whether from other departments in the organization or with internal stakeholders. Procurement literature is filled with great articles about the importance of SMI, how to address the challenges, steps to take for implementation, and best resources to use. But before any initiative begins or for success to be achieved at any level, a fundamental change in mindset about intelligence must occur. This mindset embraces the belief that intelligence, based on knowledge acquired by the use and analysis of accurate data and information, should be at the core of all procurement efforts. When beginning or expanding, think of SMI as intersecting (not running parallel) with procurement initiatives and improving the results associated with each effort… (Jones).
What follows are discussion points to consider for attaining an intelligence-forward mindset:
- Intelligence Is Central to the Procurement Function
- SMI Will Continue to Grow in Importance Due to Big Data and Analytics
- The [Quantitative] Value of Supply Market Intelligence
- Using Inaccurate Data is an Underlooked and Increasingly Growing Risk
- SMI is Not as Complex as it Seems
- SMI is the Key to Procurement Transformation
