What Tools Do You Use to Do Market Research?

Hi everyone! I’ve been in procurement for around five years, but in all my previous roles, the contract setup and contract management teams have been separate, and I’ve always done contract management. I’m now in a role where I’m handling the complete end-to-end process, which I’m enjoying but struggling a little with market research, as I’ve never had to do it before.



Question: What do you all do? Are there tools out there that can help? Or certain websites you use? Appreciate any suggestions! 

AIMDRIVE-AI Solution

Market research is a critical part of procurement, especially when you’re responsible for end-to-end processes. It ensures you have the right data to make informed decisions, negotiate effectively, and secure the best value for your organization. Here’s how AIMDRIVE-AI can help streamline your market research and procurement processes:

Price Analysis: The tool performs price analysis to ensure supplier pricing aligns with market trends. It tracks price movements over time and benchmarks supplier quotes against industry standards.

This makes negotiations more data-driven and helps you challenge unjustified price increases or secure competitive rates.


Cost Analysis: For non-standard purchases, cost analysis is essential. AIMDRIVE-AI breaks down pricing into material costs, labor costs, and overheads, providing a clear understanding of the supplier’s cost structure.

It also generates Industry Cost Profiles (ICP) and Should-Cost Models, helping you identify critical cost drivers and engage in cost-based conversations with suppliers.


Strategic Sourcing: By combining price and cost analysis, AIMDRIVE-AI enables you to focus on strategic sourcing rather than just cost-cutting.

This approach fosters stronger supplier relationships and ensures long-term value for your organization.


Efficiency and Accuracy: AIMDRIVE-AI automates complex analyses, reducing the risk of errors and freeing up your time to focus on strategic decision-making.

With AIMDRIVE-AI, you can move beyond traditional market research methods and adopt a more data-driven, efficient approach to procurement. Whether you’re analyzing market trends, negotiating with suppliers, or optimizing costs, this tool provides the insights you need to succeed.


Read more about how AIMDRIVE-AI can help you here: https://aimdrive.com/solutions/price-increase-request/
Try AIMDRIVE-AI for free: https://aimdrive.com/

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