In today’s global economy, export-oriented businesses face increasing competition and challenges in identifying the right markets and opportunities for their products and services. One source of information that can help businesses overcome these challenges is government procurement data.
For export-oriented businesses, unlocking the value of government procurement data requires understanding how this data can inform their export strategies and decision-making processes. Here are a few ways to use government procurement to benefit your export-oriented businesses:
Identifying potential markets: Procurement data can help businesses identify potential markets for their products and services. By analysing the procurement patterns of government agencies, businesses can gain insights into which products and services are in demand, and which countries or regions have the greatest procurement needs. This information can be used to inform market entry strategies and to prioritise export opportunities.
Understanding procurement requirements: Procurement data can also provide businesses with valuable information about the procurement requirements of government agencies. This includes technical specifications and quality standards that are required for different products and services, as well as the evaluation criteria used to select suppliers. By understanding these requirements, businesses can tailor their offerings to meet the needs of government buyers and increase their chances of winning procurement contracts.
Identifying potential partners: Government data can also help businesses identify potential partners for joint ventures or collaborations. By analysing the suppliers that have been awarded government contracts, businesses can identify companies that have experience and expertise in their industry or sector, and that may be interested in forming partnerships to pursue export opportunities together.
Benchmarking performance: Government data can also be used to benchmark the performance of export-oriented businesses against their competitors. By analysing the procurement history of other companies in their industry or sector, businesses can gain insights into their strengths and weaknesses, and identify areas where they can improve their performance to win more contracts and expand their export business.
Improving supply chain management: Procurement data can also be used to improve supply chain management. By analysing the procurement patterns of government agencies, businesses can identify trends and patterns in the supply chain, and optimise their operations accordingly. This includes identifying potential bottlenecks in the supply chain, optimising inventory management, and identifying opportunities to streamline logistics and reduce costs.
There are, however, some challenges and limitations to using government procurement data for export-oriented businesses.
While government procurement data is a valuable resource for export-oriented businesses, accessing this data can be challenging. Government procurement data is often fragmented and difficult to access, with different countries and governments using different systems and processes for managing their procurement data.
In addition, there may be legal and ethical considerations that businesses need to consider when accessing government procurement data. For example, some countries may have restrictions on the use of government data, or may require businesses to obtain permission before accessing or using this data.
This is where Spend Network can help. Our goal is to use data to improve the government procurement market valued at £13trn a year. We have government procurement data for more than 150 countries globally. We take the hard work out of collecting, organising and analysing procurement data at scale. Our analysis can predict poor performance, bad tendering and new savings opportunities. We can monitor market efficiency and look for new suppliers to increase competition. Modern statistical analysis techniques have transformed finance, sport and agriculture; it is time for procurement to catch up, to gather better data and use it to deliver better services and better value for its citizens.Get in touch to find our more about our data can help you find and leverage new export opportunities.
Image courtesy of Bernd 📷 Dittrich