Getting Started With Supply Market Analysis
Institute for Supply Management
Markets present challenges and opportunities for every business. To be successful as a supply management professional, awareness of supply markets is critical. In this ISM course, you will learn how to define a market, gather data, and use that information to make strategic decisions about supplier relationships. You’ll understand how significant amounts of data can create confusion if not synthesized properly and learn how to leverage and analyze data for success. Business opportunities and challenges will become clear when supply markets are analyzed through the models you will learn in this course.
Supply Market Analysis:
Each supplier and supply category has unique market characteristics. You will learn to evaluate the market and ask relevant questions about your organization’s place in the market, the positions of your suppliers and competitors, and external market forces that may present risks or opportunities.
Market analysis depends on data. Data on existing suppliers may be relatively easy to collect, while data on your supplier’s competitors may be more difficult to find. You will learn multiple strategies for gathering data.
Understanding the internal and external forces acting on your suppliers is an important part of market analysis. You will learn how to map the strengths, weaknesses, and opportunities in the market, in addition to the strengths of your suppliers.
The Basic Market Analysis Sheet:
By plotting levels of spend among suppliers, you can gain insights into your market position, relative supplier dependencies and opportunities for maximizing the strength of your supplier relationships.
The Advanced Market Analysis Sheet:
By populating internal data as well as market data you’ve accumulated from other sources, you can gain a clear picture of the market and leverage your organization may have in working with suppliers.
Supply Management Risks:
We'll look at some supply management risks that are critical to consider when conducting a market analysis.
We'll also look at some real-world examples of risks and how we might manage them.
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Supply Chain CertificationQualification
Short (0-3 months)Language