Market engagement is key to running a successful procurement. With a greater understanding of your market, you’ll make better informed procurement decisions and achieve efficient and successful outcomes.
To get the most from your market engagement, you should:
- Communicate your needs or requirements to suppliers within the marketplace
- Investigate what the market has to offer in the design and delivery of your goods, services or works
- Stimulate innovation within the marketplace
- Maximise the delivery of social value within your requirements
- Minimise the impact on climate change during the production and delivery of the required goods, services or works
- Inform suppliers within the market of your procurement plan and associated timescales
- Consider feedback from the market in relation to your procurement and contractual options
- Shape your requirements and procurement based on this feedback and your enhanced understanding
- Prepare effectively for your procurement and finalise your procurement strategy
As a procurement professional, market engagement is key as there are different aspects to consider that will influence your procurement decision. Increasing your understanding of the market will ensure you make procurement decisions that are best for your organisation.
Taking specific measures to understand the market will mitigate potential risks and guide you during the procurement planning process. Gaining a greater understanding of the market will also improve your supplier relationships and overall expectations.
Our CPD accredited online course; Effectively Engaging the Market will teach you the reasons for market engagement, why it could be beneficial to both yourself and your suppliers, and the best way to approach each procurement situation. Purchase our course today.