Category Archive Pharma Industry

Generic Launch & Pharma Marketing Spend: An Emerging Trends

The Global Generic Drugs Market is expected to reach $375 Billion by 2021. With several patent expiries in 2018-19, demand of generic is increasing globally.

As the demand for generic increases, competition to supply and sell the generics increases. In such a situation, we at SI-Insights have been able to create a one-stop model not just to track the generic development but to identify the right suppliers by conducting a comprehensive pipeline analysis and pharma supply chain market research.

Meanwhile, Indian pharmaceutical industry that is historically a generic dominant market is going through a transition phase where competition is at its peak. Be it new drug pricing policy or doctor imputes/gifts/compensations, regulation is playing big role apart from other factors.

In this situation staying ahead of the curve is a challenge at the same time it offers tremendous opportunities. In coming days customer acquisition and retention is going to be challenging in a cost sensitive market like India. Those who play smart for coming two years could dominate the markets for several years to come.

Do you think it’s going to be zero-sum game? If so, how’s your organization going to stay ahead of curve?

These are some of the questions require attention and collective thinking. We would love to be part of exiting journey. Find more about us www.siinsights.com.

Who we are

  • We provide an “Evidence based Intelligence” and help pharmacos leaders in their decision-making process
  • Serve our client “Timely with High Quality Data & Insights
  • Team with cumulative “100+ years of Research & Consulting” experience. Over 20K+ pharma and healthcare active contacts across the globe
  • We are a ISO 9001: 2015 certified firm that works with top Consulting & Pharmacos across the continents
  • We believe in “Better informed take a confident decision

Deliverable : Key Attributes

  • Distribution of Sales Force
  • Geographic Distribution of Sales Force
  • Productivity
  • Customer Coverage
  • Reach-Frequency
  • Salary-Incentive
  • Marketing Expenditure
  • Historical Analysis
  • Portfolio Allocation
  • Growth Drivers-Barriers
  • Brand Monitoring
  • Medical Communication
  • KOL Assessment | Interaction

Note above mentioned services are only for Indian Market. Some attributes may not be covered in US, EU and APAC markets.

Stay ahead of competition:
e: vijay@siinsights.com
m: +91-7506221809

The Big Winners of Ayushman Bharat an Analytical Report

Study ObjectiveThe objective of the study to understand the impact of Ayushman Bharat on Indian Healthcare ecosystem in respect to various stakeholders such as Pharmaceuticals, Devices, Hospitals, Insurance providers, etc. The study also monitors people sentiment in general using social media analytics.

Method:

The study is conducted with extensive secondary research and primary research where some of India’s top healthcare KOLs from Government officials, Doctors, thought leaders were interviewed.  

Read More: 5 Quick Reasons Why You Should Choose Business Intelligence

Study Details:

Ayushman Bharat/ NHPS (National health protection scheme) before and after economics to be in the Analytics Report

  • Contribution of Healthcare to the GDP
  • The overall healthcare industry worth
  • Break up by healthcare sub-sectors – Pharma, Devices, Diagnostics, Technology, Others
  • Growth Rate last 10 years & expected growth rate (without NHPM)
  • Compare with other countries – Healthcare financing in different countries around the world
  • Comparison of healthcare expenditure with major countries
  • How many accredited hospitals in India by regions – Heat Map – Prediction after 5 years
  • How many people who would be eligible for the NHPM – By region, heat map
  • How many people have health insurance – How many have people have health insurance now and how many will have post implementation?
  • Treatment, How much is claimed – Break up the type of treatment/disease
  • Cost of treatment now (after implementation – Prediction)
  • How are the demand and supply like? – By Sub Sector – Now and After implementation
  • Medical Tourism domestic and international
  • Which are the more commonly used medical devices
  • Current Competition: Presence of healthcare companies in India – Where the demand is going to be in India geographically (based on major stakeholders present in a location)

Read More: Pharmaceutical Sales Force Deployment Benchmarking-Importance of Self-Assessment

Sentiment Analysis: Sentiment analysis -based on Twitter, Facebook, newspaper

  • Commonly used terms + Positive or Negative Sentiment
  • The sentiment of the Public, Industry, Experts, Gov., etc.
  • Relationship between the terms

Table of Contents

1 Introduction 
    1.1 Objectives of the Study 
    1.2 Market Definition
    1.3 Key Research Objectives
    1.4 Market Covered 
    1.5 Limitations

2 Research Methodology
    2.1 Primary Data 
    2.2 Secondary Data 
    2.4 Assumptions for the Study
    2.5 Forecast Model3 Executive Summary

4 Ayushman Bharat (NHPM) – Top Insights 
    4.1 Ayushman Bharat: Market Impression 
    4.2 Geographic Analysis: Market by Region
    4.3 Scope of Ayushman Bharat
    4.5 Overview of Indian Healthcare GDP contribution
    4.6 Scope of Indian Healthcare market without Ayushman Bharat
    4.7 Forecast of Ayushman Bharat
    4.8 Scope of the Insurance companies – Post-Ayushman Bharat
    4.9 Global Sentiment Analysis

5 Ayushman Bharat (NHPM) – Market Overview 
   5.1 Current scenario of the Indian Healthcare Market
   5.2 Contribution of pharmaceutical, medical devices, diagnostics
   5.3 Market Dynamics

6 Ayushman Bharat (NHPM) – Regional Landscapes
   6.1 Geographical segmentation
   6.2 Regional comparison
   6.3 Ayushman Bharat in North India
   6.4 Ayushman Bharat in East India
   6.5 Ayushman Bharat in South India
   6.6 Ayushman Bharat in West India

7 Ayushman Bharat (NHPM) – By States
    7.1 Introduction 
    7.2 North India 
    7.3 East India 
    7.4 South India 
    7.5 West India

About Us: 
SI-Insights is a subsidiary company of SI Research & Solutions Pvt. Ltd. We are market research and digital media company that transforms businesses for the digital age and helps companies in the process of decision making. We enrich our clients with critical business insights and cutting edge solutions. Our services enable clients to make confident decisions and make a competitive difference in the market place.

Contact: 
For Research Requirement and related queries please contact: 
Mr. Vijay Kumar
Phone: +91 7506-22-1809
Email: v.kumar@siinsights.com 

5 Easy Ways to Cut Supply Chain Costs and Save Big

For those budding entrepreneurs and CEOs who are looking out for ways to save on supply chain costs are lucky to read this post. In this post, we’d like to detect sixth essential areas to keep an eye on to reduce supply chain costs.Profits for your business can skyrocket if you gain adequate savings in supply chain costs. It’s wrong to say that you can yield substantialannual savings, but it depends on the size of your business.

“Top Reasons Why You Should Go for Supply Chain Market Research”

Let’s briefly explore here a guide to supply chain management.

No matter the industry you’re looking out for cutting supply chain costs, be it consulting, travel, airline, hotel & tourism or automobile industry, supply chain plays a pivotal role.

Don’t say that you need to be a corporate giant for saving big on the supply chain. Let’s discover these areas that offer significant saving opportunities irrespective of your business size.

1. Customer Service

Don’t give your customers what you imagine. Instead, let them have from you what they really need.

Remember, the needs and requirements of your customer should cultivate your supply chain structure and strategy. So, avoid costs for things that your customers don’t want or for which they see no value.

For instance, why do you provide next-day delivery to every customer – even though not every customer needs it?  You’re wasting money on express transport.

2. Supply Chain Strategy

Have a clear understanding of your customers’ needs. Setyourobjective to fulfill them. Develop your strategy based on goals. Then, let the objectives drive tactics.

It means your supply chain strategy shouldn’t be fixed. I should be flexible enough instead. It should cater to evolving business and customer needs so that you can drive optimal tactical and operational decisions.

3. Supply Chain Market Research

Supply chain market research is a raw material to observe industry trends and conduct industry analysis.  The report consists of data and analysis of the most influential current and future trends that will shape the industry.

Find reputable supply chain market research companies like SI-Insights is to have in-depth industry market research in a logical, user-friendly format. It will let you have growth and profit forecasts for years to come.

4. Sales and operations planning (S&OP)

S&OP is a process. It helps share information and brings people together in a structured, single plan that is defined across the functional departments.

With the S&OP process, you can easily set frequent changes to your demand plan and master production schedule and make poor forecast accuracy. Bear in mind that when you learn to improve the situation within your business, you will speed up your growth.

5. Supply chain network design

Let the ditch of costs and trust widen. You need to keep reliability up and costs down. And, you can do this by designing your network and thereby, minimizing product handling.

Have You Read About: A Beginner’s Guide to Supply Chain Management

Think about the shape of your physical supply chain network. Make sure if it is based on your customers and your suppliers.

Understand your customer base and the service you provide them on one end and the location of your suppliers on the other. Doing so enables you to dictate where you hold stock to service your customers.

If your suppliers are farther away, they may encounter problems in serving customers on right time. And on the other hand, you’ll need to have the additional manpower to deliver your service in every particular area. Thus you’ll be paying extra. So, customers and suppliers shouldn’t be much far.

Read About: Steps You Shouldn’t Ignore in Supply Chain Market Research

To sum up, driving success and reducing supply chain costs isn’t that easy. But, buy following the tips above, you’ll be able to minimize huge amount usually spend on the supply chain.

Top Reasons Why You Should Go for Supply Chain Market Research

Supply chain management is about the flow of goods and services. Its goal isto mitigate risks, reduce inventory costs, and keep track of goods’ consumption.

To ensure a successful supply chain business management, it is important to choose the right vendor, understand your business strength, detect the weak points and benchmark capabilities with peers. This leads to save costs, ensure more efficiency and help you take an informed decision. All this can be done with the help of supply chain market research.

Have a look at this blog post as it gives an insight into the supply chain market research and how it helps you grow your business.

Industry Insights

The global supply chain market is expected to gain traction over the forecast period. If you also want to obtain benefits, then you need to go for conducting supply chain market research. It will help you identify suppliers across regions, forecast accuracy,find the right suppliers, understand meaningful synthesis of business data, assess supply chain risks,increase awareness about the benefits and mitigate potential disruptions.All these things are collectively responsible for driving growth of the market.

Steps You Shouldn’t Ignore in Supply Chain Market Research

Why the Need of Supply Chain Research

There are a whole lot of reasons why you should go for supply chain market analysis. Since you’re associated with this supply chain industry, you may know the growing demand of data inseveral industries, including, retail & consumer,manufacturing, healthcare, and transportation.

The increased demand for the volume of dataencourages you to adopt logical solutions for converting raw data into meaningful insights. With the help of a supply chain research report, you can distinguish between relevant and irrelevant data.

Primarily, thesupply chain market research companies include the following points to their reports:

  • Market forecasts
  • Market opportunities
  • Competitive benchmarking
  • Company market shares
  • Latest trends & dynamics
  • Best Cost Countries Sourcing Opportunities

The supply chain research reports keep you aware of the growing consumer awareness. It enables businesses to enhance decision-making capabilities. By having the market research report, you can make aninformed decision about your organization infrastructure, strategic alliances,and technologyand enterprise resource management

Besides all these, the supply chain market research facilitates better strategic decision making. It can help you improve your existing market position, optimize return on investment, use procured insights and accelerate growth. You can also have a broader view of the supply chain, better profitability, sustainability, and inventory cost reduction.

Furthermore, the supply chain market research helps you find answers to the following questions such as:

  • what’s is the market size;
  • what will be the market growth size in a particular period;
  • what segment of the region will lead the market growth;
  • what are the critical sustainability strategies adopted by your competitors ;
  • and many other questions.

All That You Should Know About Supply Chain Intelligence in 2018

Wrapping Up

Supply chain market research is a stepping stone towards the business growth. It provides you with an in-depth analysis of current and future market. It enables you to set out better strategies, take an informed decision, anticipate price trends, identify new supply opportunities, evaluate supplier and assess supply chain risks. So, you should look for reputed supply chain market research companies that can offer the latest reports on supply chain.

SI-Insights is one of the best supply chain market research companies you can trust on. Apart from generating reports on the supply chain, we also deal with other services. For details, fix a meeting with us.

Getting a Better Idea of Sales Force Deployment

Is your sales organization fully equipped? In today’s setting of mergers, achievements, and dismissals, many businesses do not have a comprehensive approach to the toolkit that their itinerant and remote workers bring with them each day.

Your sales team perhaps has a mobile phone and/or smartphone (Samsung, iPhone, etc.), a laptop, modem card, and a variable degree of home office expenses services. It’s life-threatening that these services are all accomplished by your organization to safeguard sales force efficiency and efficient spending.

Have You Read Our Previous Blog: 5 Quick Reasons Why You Should Choose Business Intelligence

Stages

There are four high-level stages that your association must follow to define or re-evaluate your deals force toolkit:

  • Evaluating your present situation
  • Describing your tool-kit
  • Selecting retailers and exchange rates
  • Implementation
  • Appraising Current State

Before you can start converting your all-inclusive sales team to iPhone’s and iPad’s, you requisite to comprehend what your team is casting off, and what you are expenditure. It’s simple to begin with the services that are presently managed by your association. You will need to take a record of all corporate delivered services while excavating for the expenses services. Does your sales force expenditure for home office broadband, phone line, and fax service? Do they cost mobile phone service, hotel Wi-Fi? These duties take a whole to unearth.

To start your present state evaluation, you would have to:

  • Audit corporate delivered services (mobile phones, hardware, software, etc.)
  • Audit expenditure reports for communication expenditure (landline, internet, fax, etc.)
  • Conduct a survey to comprehend usage patterns, spend, and requirements

A survey is an exceptional tool to collect facts to both support your audit discoveries and get necessities from your sales team. Incentivize your sales force by making certain they recognize that the survey directly narrates to the tools they would be using in the near future.

Read About: 4 Most Important Elements of Effective Social Media Marketing

Things to Keep In Mind

  • Focus on the expenses that matter.
  • Contest for a discount in service fees, not merely a percentage discount.
  • Ignore the small expenditure, or spend that doesn’t matter.
  • Don’t press the transporters for an inexpensive text messaging cost if your sales squad doesn’t use (or requisite) text messaging.
  • Begin with your second and third tier suppliers and make use of their hunger to influence your primary
  • When transferring hardware, don’t forget the big box suppliers like Staples, Office Depot, CDW, etc.
  • All of them offer corporate programs that might rival dealing with the industrialist directly.

Selecting merchants and negotiation charges is unique to every solution. There isn’t a one-size that fits all method, but as long as you follow the strategies above you have to be in good shape.

Implementation

Implementation is the last step in positioning your new sales force toolkit. There are several moving parts, so make certain you have the whole plan that contains all stakeholders. You will have to make sure you think through the following:

  • Understand who is receiving what equipment
  • Updating your consumer database
  • Make sure your maintenance model is up to date
  • Updating your wireless policy for prospective changes
  • Determining the distribution and instigation model

Thus for sales force deployment, apply the ideas give above. If you have any question related to sales force deployment, write in the comment box. We’d be happy to answer your question.

5 Quick Reasons Why You Should Choose Business Intelligence

In this day and age, you may want to have all those budding tools to have that edge over your rivals. For this, Business Intelligence (BI) is a must. BI refers to tools, applications, technologies,and practices, required to collect, integrate and analyze your business data to create insightful business information.

As a technology-driven process, BI helps your corporate executives, managers,and other operational professionals make informed decisions. Moreover, it also helps cut costs, explore better opportunities, and spot inefficient business processes.

Did You Read: 4 Most Important Elements of Effective Social Media MarketingDig deeper to get an insight into why you should hire a business intelligence company and how BI is vitalto your business success.

1. Proper Insights

With the help of Business Intelligence Company, you’re able to detect areas of improvement, determine market positions, gauge supply and demand and measure product viability. Besides, you can also spot sales opportunities, improve lead generation and learn customer behavior and so on.

Proper Insights for Business Intelligence

2. Productivity Boost

Do you still adopt the age-old methods of compiling and analyzing to prepare your report? If so, chances are you’re wasting too much time. With a comprehensive BI solution, you can easily pull data and develop the business reports at the click of a button. Thus, you can have time enough and free up your employees so that can be more productive on their own tasks. You can also focus on your business core objectives.

Productivity Boost in Business Intelligence

3. Overall Picture of Performance

Business Intelligence Professionals empower decision makers by providing them with dashboards and scorecards to get a complete picture of corporate performance. Based on the reports, you can easily tailor metrics, KPIs, and milestones for aligning with your business strategies and aims.

Performance Matters in Business Intelligence

4. Easy Analytics

Earlier, businesses had to make a big investment to analyze the industry as they required a team of professionals to do this. It was cumbersome. But, by incorporating BI techniques, you’re able to analyze competitor’s business, collect and process data easily and ultimately put the power of analytics from the hands of the few to the hands of the many. You just need to look for company that provides business intelligence solution.

Easy Analytics for Business Intelligence

5. Established Goals

No doubt, as an entrepreneur, you establish a set of reasonable goals for your project or other venture. Your aim may be to come up with the result that is drastically different. When you partner with a good business intelligence company, you can track information and access it anytime anywhere when you need. Professionals at SI-Insights go a long way to help you achieve what you aim for.

Established Goals for Business Intelligence

Read Our Previous Blog: Case study on How Social Media Help Patient: Impact of Social Media on Healthcare

 

BI Solutions at SI-Insights
SI-Insights is a holistic approach for next generation business intelligence solutions. When you partner with us, we give you the opportunity to reap potential benefits. Our experienced and skilled professionals enable you to accelerate and improve decision making, optimize the internal business process, increase operational efficiency, drive new revenues, gain competitive advantages over business rivals, discover market trends and spot business problems that need to be addressed.

To understand more about Business Intelligence or buy our services, contact us.

4 Most Important Elements of Effective Social Media Marketing

Good to see you again.This time,we have got one simple question to ask you.

“What do you think are the essential elements of effective social media marketing?”

Yeah, don’t worry;hardly a few people actually have the right answer.

And for them, we’ve got a pretty good idea of how to get effective social media marketing.

First, let me define what social media marketing is actually. Then, we will discuss four most important elements of the social media marketing.

“Social media marketing refers to the process of gaining traffic or attention through social media sites …………………..   Search Engine Land Page.”

Setting out effective strategies or understanding essential elements for the digital marketing can be tricky.Changes in the algorithms of Facebook or other social networking don’t let it be simpler.

A comprehensive technique for the social media marketing is everyone’s holy grail of the moment. But, now you know it has become a trend to build a business entirely on someone else’s land like Facebook, Twitter, etc. you don’t control.

Have You Read Our: Case study on How Social Media Help Patient: Impact of Social Media on Healthcare

Let’s get through this blog post and find the essential elements of effective social media marketing.

1. Observing Conversation Based On Market Research

According to marketers, the most imperative conversation,in a commercial point of view, lies not between the buyer and the seller. But, between prospective and existing buyers.

These prospective people include media participants and producers. They’re the people to talk about your products, services or brand, your competitors, and your market space. You need to pay close attention to them.

The first element of marketing is the market research. Remember that your most influential copy or great content is of no use if they have not been crafted based on the story your ideal prospected wants to hear from you.

In this respect, social media emerges as an inconceivable market research environment you might have ever heard. Sure, you can conduct surveys and focus groups, generate marketing report. You will get an idea what people want to hear from you.

2. Developing Conversational Content

Develop sparking conversation content in social media. It isn’t all that tough.

Let people talk in a way that leads to a constant relationship with prospective customers and clients.

Get to drive content marketing strategy. It is the most effective form of online promotion. Social media has evolved into a comprehensive network to spread and attract audience than it ever was during the earlier ages of the web. Content Marketing is, therefore, the second element of effective social media marketing.

3. Know Objective before You Start

There’s one very important thing you shouldn’t turn your blind eye.Find answers to these questions before you initiate optimization for shares:

  1. What do you want your content to do?
  2. What change or action do you think is going to inspire?
  3. Who are you striving to reach?
  4. What do you know people want to know from you?
  5. How do you want them to feel?
  6. What will they do the next after reading your content?

Failing to understand your content goal doesn’t bring good outputs. Your marketing strategy will end up making changes. So, first get your content goal firmly in your mind. Then share it so that your folks share it further.

4. Follow the Strategy: Content &Conversation

Social media “experts” have been yelling again and again about the‘content & conversation strategy.’

That means your entire business needs to revolve around something called the conversation.

Not just a single time is that the conversation makes marketers spend hours every day, chattering with prospective customers with a hope that someone will buy something.

It may be good to go. But, you need to be personable.

Keep a close watch what customers are talking about.Keep your ear close to what they are complaining. This will help you to give them proper response. One most important thing is to keep your network with peers stronger.

Besides the conversion,you can also devote the bulk of your time crafting compelling content. It could be anything: your own home base, a guest post for a wider audience.

  1. Set the tone of your content educative and informative for your audience.
  2. Choose the topic what they want to hear from you through your content.
  3. Better, emphasizeon their query, objections,and

The content strategy also includes sharing someone else’s valuable content. And, you can add a few insights of your own, if you like.

Do you want to know more about effective content marketing?

Write to us. We’ll be happy to respond you.

Case study on How Social Media Help Patient: Impact of Social Media on Healthcare

As we all know, in today’s world everyone is using social media channels (Facebook, Twitter, Blogs, and Forums) to share their stories, views and spread awareness on any topics.Even in healthcare and pharmaceiutical sector, social media has become a platform for people to share their views and concerns related various topics (it may be personal or disease orientated), and companies (to promote their service and offerings).

These days many pharmaceutical companies has adopted digital media channels (particularly Facebook and Twitter) to spread awareness around disease and products through info graphics, campaign, videos, etc. Which is resulted into a wider reach and awareness on information across geographical area.

In the same regards, recently there was trending story which brought everyone attention, Hayley Browning Corporate Account Manager at Breast Cancer Care and fund raiser for Marie Curie London, United

Hayley Browning

 

Social Media Empacts on Hayley Browning

 

Kingdom Non-Profit Organization Management has been diagnosed with breast cancer in December 2016. She was able to detect a lump under her breast through self-screening by lying down on the bed but the recommendation that she read was to check under the shower. Hayley went through surgery and a multiple rounds of chemotherapy to remove and kill her breast cancer.

Hayley Browning made a team called #Laidbacklumps Snowdon Adventure and decided to spread awareness on breast cancer self-screening among people through social media channel (Facebook and twitter). Hayley shared her breast cancer newsamong women like me or women who are still

unaware that they have breast cancer. Hayley browning communal around how she has self-diagnosed her breast cancer, and how through immense support from the health care providers and hospital staff she was able to beat that deadly disease with a year.

Impact of Social Media on Healthcare and Patients

We come to understand from a study conducted by socioinsider, a social media monitoring company that helps pharma and healthcare companies to understand patients needs and expectations, as per them; there are significant discussions happening around educating people about various disease conditions and conversation are growing with the time.

In the this case of Hayley Browning shared her breast cancer journey on social media channel just to educate women like her. The influence of that single Facebook post was significant, mentioned by socioinsider and it has reaches to mass.

Here is so other stories where patients has got influenced with social media posts and many of women has started regular screening herself for breast cancer.

The outcome of screening is that one of the women like her name Jayne Dandy 51 year old mother from Rixton near Warrington, Cheshire England followed a tip of #Laidbacklumps suspect a lump in her right breast and diagnosed with aggressive grade 3 form of Breast cancer displaying no symptoms which was confirmed after various scans, mammogram and mastectomy performed by surgeon.

Jayne Dandy

Social Media Affects on Jayne Dandy

 

Hayley Browning

Social Media Help on Hayley Browning

 

Jayne Dandy, said that while thanking Hayley browning Facebook post alternative on self-examination tips on social media was vital lifesaving post for her, because of her she is still alive.

Not only Jayne Dandy, has been survived from breast cancer, but approximately 30 women’s like her thanking Hayley for sharing such a vital lifesaving tip on social media platform which help them to suspect lump in their breast after following alternative method of breast self-screening shared by Browning’s on social media channels.

As we all say, Sharing is Caring

So, start sharing your incredible and motivational journey in social media channels (Facebook , Twitter) who knows one day your motivational and informational message can save someone life.

Cheers!

 

About Writer: – RomitaMarwaha, a passionate healthcare communicator, she works as an Assistance Manager at SI-Insights where she is leading a team of researchers and medical communication associates. She along with the team are constantly reaching out to patients and caregivers using digital media channels to educate and empower them.

A Beginner’s Guide to Supply Chain Management

Every business owner is aware of the complexity of supply chain management. And, so may you. If you are a budding entrepreneur, your goal would be to develop effective and successful supply chain and deliver perfect value to the business.

This sounds an easy-to-do- task, right?

However, this can be complex and time-consuming, especially if you are unclear where to begin.This is more telling if you’re depending on old-school supply chain technology in this data-driven world.

Have You Read About: Digital Market Research: What to Do & What Not To Do?

Read on to know these effective supply chain management tips that will prove beneficial to your organization.

Supply Market Research

Conducting a successful supply market research or intelligence is the key to risk mitigation plan.Here are the important questions you need to answer:

  • Who are your suppliers? What are the evaluation criteria?
  • Are you receiving supply on time?
  • Are you paying the right prices?
  • What’s the backup plan?
  • Are you delivering value to the business?

Read Also: Steps You Shouldn’t Ignore in Supply Chain Market Research

The key challenges in procurement supply chain is finding the right suppliers for your company. When we say right suppliers, we mean suppliers across regions, who can offer right price and deliver on time. To be successful you need to assess supply risks, mitigate potential disruption, implement new technologies and constantly revisit your strategy according to market developments.

You need to study current market trends, discover new supply opportunities, forecast and anticipate price trends, evaluate supplier, assess supply chain risks. A successful market research involves analyzing supply market, developing category strategy, identifying suppliers, determining supply bench market and tracking global indices.

Meeting Challenges

In the current dynamic market scenario, sometimes things don’t work as per your plan. Your supply market strategy should revolve around planning for unplanned, developing substitute suppliers, focusing on best cost country sourcing. This may sound complex and time consuming.

Don’t worry, there are solutions that can do the job for you.

Read About: All That You Should Know About Supply Chain Intelligence in 2018

Benefits of Supply Chain Market Research

Once you analyze the supply market and source right, you can reap the following benefits:

  • Cost Reduction
  • Improve turn-around-time
  • Larger pool of suppliers
  • Happy Internal Customers
  • Positive impact on bottom line

Concluding Part

The supply chain of any business isn’t easy. It’s quite large and can be challenging and complex as well. You need to widen your approach and keep pace with rapidly changing market dynamics.

SI-Insights is a leading provider of supply chain market research. Contact us for smart solutions at affordable prices.

Digital Market Research: What to Do & What Not To Do?

Market research is an essential need of businesses. Without proper planning and research, a business stands miles away from its success.Despite this hard truth, many businesses are unclear on its exact meaning or they don’t know how to benefit from it.

In today’s digital world, market research is no longer confined to mall intercepts, phone call surveys, etc. Also, gone are the days when market research was the only option for large corporations with big budgets.

Read About: Steps You Shouldn’t Ignore in Supply Chain Market Research

Today market research company adopts modern approach to reach consumers directly.

Let me explain what market research is,

“Market research is a technique to gather, analyse and interpret information about a business, its product/service. It digs out information about customers’ past, present and future desire for the service. Market research, as it is called, conducts a research into the spending habits,characteristics, location and requirements of business’ target market.”

Whether you are a young upstart or an established enterprise, you should ask yourself,

“Have I conducted in-depth market research?”

“Do I know what customers think about my business or what they want from me?”

“Should I survey the phone or email?”

Multi-million questions they are. But, businesses hardly consider them. For them, market research is probably tedious and time-consuming. Subsequently, when they drive to target consumers, they are left with no option other than simply looking for research that’s already been conducted.

 

What to do and What not to do in Market research

Worst yet, doing no ‘market research’ or conducting it using irrelevant tools leads to uninformed decisions.

What to Do?

Dig deeper and generate a complete market analysis report.You can do this by:

  • Detecting your customer behavior
  • Understanding the needs of your business
  • Conducting a research study design
  • Identifying which area needs improvement
  • Focusing on the required steps
  • Representing a fundamental changes
  • Thus, enhance the process of decision-making

Indeed, you shouldn’t rely on market tools. Instead, keep a watchful eye on your business, understand customer’s behavior and detect what needs the next. Based on that, you can maximize accuracy of data analytics.

Read About: 6 Digital Marketing Mistakes You Shouldn’t Repeat in 2018

What Not to Do?

Here are two tools businesses use to generate market research report. In reality, these tools can be ideal for the search engine ranking instead.

  1. Google Trends – The most authentic and popular tool to use – not for marketing research, but for search engine ranking purpose! Google Trends helps you view the latest trends, data, and visualizations from Google. It lets you know what’s trending in the market right now and gives validation on a strategy, pretty quickly.
  2. Google Keyword Planner – Marketers have different opinions about this tool. Some love it; others hate as they believe the data generated by the Google keyword planner is misleading.

However, the Google keyword planner tool helps you know how many times a particular keyword is searched in a specific area. Based on that, you can create your content. Moreover, this tool enables you to search one or more keywords at the place of your choice.

Though it’s good, but, many don’t use it. Rather, they find a trusted and reliable market research company.

Final Thoughts

Smaller or mid-sized players have options to enter the market research circle and help fuel their growth. Thanks to the reasonably-priced options, quick turnaround times and personalized, attentive service provided by the market research company like SI-Insights.

If you are wondering how to do market research for your business, contact SI-Insights.

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