PROCUREMENT NEWS How does Market Intelligence support product innovation?

 

Tracker’s Market intelligence tool is much more than just a news feed. It supports business growth and product innovation.

Knowledge is power and if your business wants to expand and identify new business opportunities early, learn more about how Market Intelligence can benefit your business.

 

Embracing technology

During this year’s Spring Statement (2019) Chancellor of the Exchequer Philip Hammond encouraged businesses “to embrace the technologies” and in return “entrepreneurs, creators and innovators, inventors and discoverers” will have the government’s full support.

Having the knowledge of what the public sector is looking for in terms of innovation can help your business to understand how it fits into that marketplace and how it can better meet the public sector’s needs.

 

Product Innovation

‘Product innovation’ covers several areas. An example of product innovation may be that your business has decided to change its product so that it is more sustainable. This change will not only benefit your business as it will enhance your product, but it could also tick a box for a buyer that has sustainability targets to meet.

Buyers’ needs are constantly changing and this is where Market Intelligence comes into play.

Your business must have sight of any news about legislation and government policy, as well as relevant regional and local stories. Having this intelligence tailored and sent to your business will help it become more aware of and understand changes in procurement. This knowledge can be used when considering changes to your products or services, ensuring that your business is one step ahead of competitors within the public sector marketplace.

 

Why market intelligence?

Product innovation is not the only benefit of market intelligence. It also provides users with crucial contract information that, when used strategically, can help suppliers stay one step ahead of the competition.

If you are interested in discovering new markets and in gaining competitive intelligence that can help your business stay ahead of public sector trends, learn more about Market Intelligence.

 

Jun 18, 2019.