In this brave new marketplace, thriving a business is a challenge. It requires a business owner to have situational awareness and context-sensitive decision making ability. This is primarily possible by conducting market research using digital technologies. By doing this, you can make your supply chain personalized, customer-driven and responsive. The supply chain market research increases efficiencies and establishes improved customer experience and revenue growth.
Below is a check-list of primary steps – maybe or may not be exhaustive, but important – to make your supply chain market research a great success.
A Comprehensive Approach
A comprehensive and systematic approach is the key to carry out market research successfully for supply chain management. You need to understand the needs and requirements of your business. Conduct a research study design, which defines each process- its timelines and milestones. Be assured that all the links are connected through unified technology. That means, integrate all important functions into the supply chain to for better visibility and data flow.
Know Your Starting Position
Stay ahead and take a look at your current maturity along the four stages of the development model. Dig out which areas needs improvement. Define your strategies that help you give a boost to the improvement level.
Determine the supply chain vision of your target market and maturity level that best supports your business strategy. Try to be become customer-centric i.e. you need to focus on your customer requirements. It requires visibility, agility, and data analytic. Make certain that you are taking care of all the nuts and bolts of your supply chain market research.
Develop a Road Map
Market research should be done by experts as they can smartly understand the areas you need to improve. Based on the market research reports, focus on the required implementation steps and work them into a detailed road map.While making the steps, lay emphasis on sales force size of your team, division or your sales force distribution by top cities, reach and frequency, top promoted products and much more.
Set up small guides with end-on scope
Basically, the market research for supply chain represents a fundamental change for most of the organizations. In that case, you need to first carry out smaller guides that showcase benefits and help develop the right capabilities. Aim to test the end-to-end flow for a specific supply chain instead of implementing a limited set of technologies on a broader scale.
Segmented roll out and capability development
Once being determined about the important projects based on the research report, take on those supply chains where expected benefit is highest. This may involve key regions, key customers, or some other supply chain segmentation criterion.
SI-Insights Offers Comprehensive Supply Chain Market Research
Are you still wondering how to conduct supply chain market research? Get in touch with SI-Insights. Professionals at SI-Insights have expertise in all the industries. Carving a niche in the industry, they can provide you with insightful data, real-time information, and let you know about your customer’s needs, expectations and desires.
So, if you lack expertise in conducting market research, feel free to contact SI-Insights.