Standardizing the Research and Delivery Process: Building a Procurement Market Intelligence Center of Excellence Jason Busch - August 5, 2015 8:01 AM | Categories: Analytics, Conferences, Procurement, Procurement Strategy & Planning | Tags: L1, Process & Best Practice Building a procurement market intelligence center of excellence (CoE) requires more than just hiring the right analyst resources and experts. It also requires a dedicated research model and approach. In the first installment of this series, Defining the Function and Skills Required, we covered many of the core elements of functional definition and skills required for success among team members when considering how to build a market intelligence center of excellence. Today, we turn our attention to the market intelligence and research delivery process. This content is based on a presentation provided by Grace Zacharek, global market intelligence team Leader at DuPont, from the ISM Metrics and Analytics Symposium in Philadelphia. There are 5 steps, according to Zacharek, in building a work process for procurement market intelligence deliverables and client engagement – with procurement, finance or other stakeholders in the business. The first key step is establishing intelligence and needs for a particular task or assignment. This includes asking questions such as why intelligence is needed and how much information is already available from internal and external sources that are close at hand. As important is establishing how intelligence will be used once it is received. For example, is it specific to a given sourcing exercise or event? Does it involve doing a deep dive on a given supply market or commodity tied to a new product introduction or launch into a specific geography? It is also important to consider up front what specific internal data sources can be used. For example, are there existing ERP, e-procurement, e-sourcing, supplier management or other systems datasets? Are there qualitative insights from internal resources or collaboration and messaging tools that can be gleaned? Additionally, Zacharek recommended considering the geographic scope of such requests, as well as how soon the information will be needed. We have observed best-in-class market intelligence functions move as quickly as consultancies with offshore resources, such as McKinsey, pull together relatively detailed information very quickly in a follow-the-lock manner, for example. The second phase of an intelligence effort involves collecting “raw data.” This includes both primary information and secondary sources of intelligence. We’ll cover this step next as this series continues including types of information DuPont uses as well as information sources Spend Matters recommends. Are you looking for metrics to measure and guide a procurement CoE – in market intelligence efforts and beyond? We encourage you to take the ISM / Spend Matters snap poll on supply management metrics. * * The poll only takes 5-7 minutes and will be invaluable in facilitating our session. If you take part in the poll we will also share back not just the results, but also our learnings from this part of the ISM symposium (including additional metrics on measuring market intelligence functions). After we’ve analyzed the data, we'll send you an invitation to a webinar where we'll show the study results and a few examples of how some of the leading companies are bringing rigor to this area. You will also receive a copy of the webinar presentation. All responses are confidential and will only be reported in aggregated form. By responding to this survey, you acknowledge and consent to use of data provided. Related ArticlesWhy Your Procurement Organization Needs a Market Intelligence Center of ExcellenceSnap Poll With ISM: What's the Procurement Value Mix Today? In 3 Years?ThomasNet, ISM’s 30 Under 30 Hopes to Keep Sparking New Supply Chain CareersSpend Matters 50/50: ISM – A Provider to Know in 2015Mobility Center of Excellence Meets Wireless Cost Management Discuss this: Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website Notify me of follow-up comments by email. Notify me of new posts by email.