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Last updated on 2024年4月5日

How do you monitor and respond to changes in the supplier market environment?

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The supplier market environment is constantly evolving, influenced by factors such as demand, competition, innovation, regulation, and geopolitics. As a supplier sourcing professional, you need to monitor and respond to these changes to ensure that your sourcing strategy is aligned with your business goals and that you can leverage the best opportunities and mitigate the risks. In this article, we will discuss some of the key steps and techniques to monitor and respond to changes in the supplier market environment.

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Caio Porfirio

Gerente de Compras Estratégicas | Logística | Estoques | Supply Chain | Mentor

1 Identify key drivers and indicators

The first step is to identify the key drivers and indicators that affect the supplier market environment for your product or service category. These can be external or internal, macro or micro, quantitative or qualitative. For example, some external drivers and indicators could be market size, growth, segmentation, trends, customer preferences, competitors, substitutes, regulations, tariffs, exchange rates, etc. Some internal drivers and indicators could be your own demand, budget, specifications, quality standards, delivery requirements, etc. You can use various sources of information, such as industry reports, trade publications, market research firms, government agencies, trade associations, etc., to collect and analyze data on these drivers and indicators.

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Caio Porfirio

Gerente de Compras Estratégicas | Logística | Estoques | Supply Chain | Mentor
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Conhecer o mercado de seu fornecedor é o principal ponto para uma boa tomada de decis?o, compreenda os drives de mercados, crie uma rotina de atualiza??o de dados, confie em suas fontes, elabore seus costdrivers de as perspectivas de impacto dom essas informa??es e defina uma agenda frequente de reuni?o de alinhamento com esses fornecedores.

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Lambo Zou

Your China Sourcing Agent - Furniture Hardware Expert | Smart Drawer Lock | Cabinet Handle | Drawer Slides | Furniture Leg | Hinge | Cable Grommet
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Continuous Monitoring: Regularly track market trends, competitor activity, and supplier performance through industry publications, market research reports, and data analytics tools. Supplier Relationships: Maintain open communication channels with suppliers to stay informed about changes in their capabilities, capacity, pricing, and market dynamics. Risk Assessment: Conduct periodic risk assessments to identify potential disruptions or vulnerabilities in the supplier market and develop contingency plans to mitigate risks. Flexibility and Adaptability. Collaboration. Scenario Planning.

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2 Establish a baseline and benchmarks

The next step is to establish a baseline and benchmarks for the supplier market environment based on the drivers and indicators you have identified. A baseline is the current state of the market, reflecting the supply and demand conditions, the competitive landscape, the pricing levels, the innovation potential, the regulatory environment, etc. A benchmark is a reference point that allows you to compare the performance of different suppliers or regions or segments in the market. For example, you can use cost models, total cost of ownership, value analysis, supplier scorecards, etc., to establish a baseline and benchmarks for the supplier market environment.

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Abhijith Nair

Sourcing Manager - Marico || Amway || IRMA || Adani Wilmar || L&T || Direct Sourcing || Indirect Sourcing
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To monitor and respond to changes in the supplier market environment, establish a baseline and benchmarks for key performance indicators (KPIs). Track metrics such as supplier lead times, quality ratings, and pricing trends regularly. For example, set benchmarks for on-time delivery rates and regularly compare current performance against these benchmarks to identify deviations and areas for improvement. By establishing clear baselines and benchmarks, you can proactively monitor supplier performance, anticipate market shifts, and respond effectively to changes in the supplier market environment.

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3 Monitor changes and trends

The third step is to monitor changes and trends in the supplier market environment on a regular basis, using the baseline and benchmarks as a reference. You can use various tools and methods, such as market intelligence platforms, supplier databases, news alerts, social media, surveys, interviews, site visits, etc., to track and collect information on the changes and trends in the market. You should also update your baseline and benchmarks periodically to reflect the latest data and insights. You should look for both positive and negative changes and trends, such as new entrants, exits, mergers, acquisitions, innovations, disruptions, opportunities, threats, etc.

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4 Evaluate impacts and implications

The fourth step is to evaluate the impacts and implications of the changes and trends in the supplier market environment for your sourcing strategy and objectives. You can use various frameworks and techniques, such as SWOT analysis, PESTEL analysis, Porter's five forces analysis, scenario planning, risk assessment, etc., to assess the impacts and implications of the changes and trends in the market. You should consider both short-term and long-term impacts and implications, as well as direct and indirect effects. You should also prioritize the most significant and relevant changes and trends for your sourcing strategy and objectives.

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Abhijith Nair

Sourcing Manager - Marico || Amway || IRMA || Adani Wilmar || L&T || Direct Sourcing || Indirect Sourcing
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To monitor and respond to changes in the supplier market environment, evaluate impacts and implications on your organization. Analyze factors such as price fluctuations, supply chain disruptions, and competitor actions. For example, assess how changes in raw material costs affect production expenses and explore alternative sourcing options to mitigate risks. By evaluating the impacts and implications of supplier market changes, you can make informed decisions, adapt your sourcing strategies, and maintain resilience in a dynamic business landscape.

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5 Adjust and adapt your sourcing strategy

The fifth step is to adjust and adapt your sourcing strategy based on the evaluation of the impacts and implications of the changes and trends in the supplier market environment. You can use various approaches and tactics, such as renegotiating contracts, switching suppliers, diversifying sources, consolidating spend, leveraging volume, optimizing specifications, improving quality, reducing lead times, increasing flexibility, enhancing collaboration, etc., to adjust and adapt your sourcing strategy. You should also communicate and coordinate with your internal stakeholders, such as procurement, finance, operations, engineering, marketing, etc., to ensure alignment and support for your sourcing strategy.

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Abhijith Nair

Sourcing Manager - Marico || Amway || IRMA || Adani Wilmar || L&T || Direct Sourcing || Indirect Sourcing
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To monitor and respond to changes in the supplier market environment, adjust and adapt your sourcing strategy accordingly. Stay agile by diversifying your supplier base, renegotiating contracts, or exploring new sourcing regions. For example, if a key supplier faces production delays, proactively identify alternative suppliers to minimize disruptions. By remaining flexible and responsive, you can mitigate risks, optimize costs, and maintain continuity in your supply chain despite market fluctuations.

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6 Review and improve your monitoring and response process

The sixth step is to review and improve your monitoring and response process to ensure that it is effective and efficient. You can use various methods and measures, such as feedback, audits, reviews, reports, dashboards, KPIs, etc., to review and improve your monitoring and response process. You should also look for ways to automate, streamline, standardize, or outsource some of the tasks or activities involved in your monitoring and response process. You should also seek to learn from best practices, benchmarks, or case studies from other industries or organizations that have successfully monitored and responded to changes in the supplier market environment.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Saleh Al Ghunaim, CCMP

Supply Chain Management I Procurement I Contracts Management
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To effectively monitor and respond to changes in the supplier market, businesses should stay informed about industry trends, conduct regular market analysis, maintain strong supplier relationships, engage in supplier diversity, utilize technology and data analytics, develop contingency plans, and collaborate with cross-functional teams. Staying informed about industry trends, conducting regular market analysis, maintaining strong supplier relationships, and utilizing technology and data analytics can help navigate market fluctuations and disruptions. Additionally, developing contingency plans and collaborating with cross-functional teams can ensure continuity of supply and knowledge sharing.

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How do you monitor and respond to changes in the supplier market environment?

1

2

3

4

5

6

7

1 Identify key drivers and indicators

2 Establish a baseline and benchmarks

3 Monitor changes and trends

4 Evaluate impacts and implications

5 Adjust and adapt your sourcing strategy

6 Review and improve your monitoring and response process

7 Here’s what else to consider

Supplier Sourcing

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How do you monitor and respond to changes in the supplier market environment?

1

2

3

4

5

6

7

1 Identify key drivers and indicators

2 Establish a baseline and benchmarks

3 Monitor changes and trends

4 Evaluate impacts and implications

5 Adjust and adapt your sourcing strategy

6 Review and improve your monitoring and response process

7 Here’s what else to consider

Supplier Sourcing

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