While traditional methods of market analysis and trade agreements remain vital to export agencies, the role of data-driven insights from government procurement data is emerging as a powerful tool to shape and enhance export strategies.
Government procurement, the process by which public authorities purchase goods and services, represents a $13 Trn (USD) global market opportunity. By delving into the data generated by these procurement processes, policymakers, export agencies and businesses can unlock valuable insights into market dynamics, demand trends, and competitive landscapes.
One advantages of leveraging government procurement data is its real-time nature. Unlike analysis which rely on historical trade statistics, government procurement data offers a ‘live’ view of market movements, allowing agencies to make agile decisions and adjust their export strategies in to the changing demand and emerging opportunities.
Government procurement data also offers a window into the preferences and priorities of the public sector. Understanding which goods and services governments are procuring and by who has won contracts, provides exporters with invaluable insights into sectors that are receiving significant investment. This knowledge can guide exporters towards tailoring their offerings to align with these priorities increasing the chances of securing lucrative government contracts or establishing long-term partnerships.
The integration of government procurement data into export strategies can also facilitate broader policy. Governments can use these insights to design initiatives that promote exports, foster innovation, and stimulate economic growth. If the data shows a consistent reliance on imports within a specific product category, policymakers can incentivise domestic production through grants or tax incentives. If though, procurement data reveals a concentration of foreign suppliers in a particular sector, governments can instead explore partnerships to develop local industries.
While government procurement data holds great potential, it also requires a robust process for data collection, management, and analysis. Spend Network holds government procurement data for more than 150 countries and 700 sources globally. We work hard to collecting, organise and analyse procurement data at scale for export agencies and businesses.
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.
Data-driven insights derived from government procurement data offer a transformative opportunity for export agencies. Get in touch to talk to us about how our data can help you.