How to Handle a Last-Minute Sourcing Meeting Like a Pro

Categories : Procurement Goals | Improve Credibility | Save Time | Set Strategy
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Published on : Dec 08 2017

How many times has it happened to you? You’re in the zone, plugging away at your desk, when all of a sudden you get called into a last-minute meeting about a new product that an internal business unit just has to have – and now.  With only 10 minutes to spare, how do you quickly arm yourself with enough information to speak intelligently about the subject?

Like most people, your first stop is probably a quick Google search. The problem is that it’s difficult – not to mention time-consuming – to sift through a sea of research that may be inaccurate, biased and/or outdated. And the last thing you want is to be called out in the meeting by doubting Doug, who already feels procurement is just a bean-counting roadblock to his department’s goals.

If this sounds like a situation in which you often find yourself, it may be worth investing in a third-party market intelligence resource that can get you up to speed on a product or service lickety-split. The right market intelligence uses unbiased sources, like the Census Bureau, governmental agency data and other publicly available economic data, to provide reliable, consistent and easily-accessible analysis across a variety of marketplaces.

So, the next time you’re racing the clock to prepare for a meeting, consider how much easier your life could be with a market snapshot that provides recent price, forecast price, key price drivers, major vendors, market characteristics, risk levels and even a benchmark price.

Market Characteristics

Buyer Power Score

And how helpful would an Executive Summary be in a pinch, with analysis about the market history, trends and forecast for the next three years?

Executive Summary

Furthermore, if you need to stimulate conversation with a business unit that’s clueless about what’s involved in the purchase they’re requesting – which, let’s be honest, happens a lot – imagine how helpful it would be to have Key RFP Elements to assist in developing the scope of work.

Key RFP Elements

Even better, how about Negotiation Questions for market-specific issues and related questions to dig deeper and determine the full undertaking of onboarding such a product or service?

Negotiation Questions

Not only would such a resource prepare you for those last-minute meetings, it would make you the smartest person in the room. You’d be equipped with the knowledge and confidence necessary to impress stakeholders, boosting your credibility across the business.

At this point, you’re probably wondering, “Does a resource like this even exist?” It sure does. Each of these time-saving sections is available in all IBISWorld Research Reports, across more than 1,000 markets.


For a custom demo of how IBISWorld can help you, visit https://www.ibisworld.com/about/freedemo/.



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