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16 December 2020

KOINNO issues a short guide on the importance of market research in procurement

The German Competence Centre for Innovation Procurement has issued a useful document on the importance of market research in procurement. The aim of market research is to analyse the market with its potential suppliers, as well as product and service offers at an early stage. The information obtained is fundamental to define the specifications and the associated creation of the service description. 

The document describes the steps to be taken for a well-structured market research:

  1. Definition of the scope of market activity
  2. Selection of suitable market research formats and planning
  3. Implementation of the market research activities

When doing a market research, it is also key to identify potential suppliers and bidders by using different sources of information, such as catalogues, supplier surveys or the internet.

According to the document, one of the key outcomes of a good market research is that it will have a positive effect on the degree of innovation of the products and services procured.

Read the document here.