Market Research Tools for the Procurement Team

Market Research Tools for the Procurement Team

Market research in procurement is the process of gathering and analysing information about suppliers, products, services and market conditions to make informed procurement decisions. It is a crucial step in the procurement process that helps organisations identify potential suppliers, assess their capabilities, and understand market dynamics.

We’ve drawn on our experience and research to bring you a list of the market research tools to help sharpen your market research.

What does the process involve?

At a nuts-and-bolts level, market research in procurement is about casting a wide net to identify potential suppliers and evaluate them meticulously. Look into their reputation, capabilities, pricing and compliance with regulations. This is where you separate the contenders from the pretenders. Keep your goals in mind and strategise how to engage with these suppliers effectively. It’s about finding the right partners who can meet your needs while keeping costs in check.

What questions should you be asking?

To prepare properly for an approach to market, you (the procurement team) need to answer the following questions:

  • Funding Availability and Budget: Is funding available for the project, and what is the allocated project budget?
  • Existing Contracts: Is the good or service currently under contract, elsewhere in your organisation – especially at a top level?
  • Vendor Assessment: Who are the major vendors that typically supply the goods or service required?
  • Market Availability: Is there a meaningful choice of supply in the market?
  • Competitor Procurement Practices: How do other, similar businesses within your region contract for similar goods, services or construction?
  • Price Benchmarking: What is the estimated cost or price that other businesses have paid for projects similar in scope and magnitude to your procurement?

20 Market Research Tools in Australia

Market research tools are essential for gaining insights into consumer behaviour, market trends and competitive landscapes in Australia. Here’s a list of 20 market research tools that are available to Australian businesses and organisations.

  1. Roy Morgan Research: Offers comprehensive market research and consumer data specific to Australia.
  2. Nielsen Consumer Panel: Provides consumer behaviour and shopping data for the Australian market.
  3. Ipsos Australia: Offers market research, data analytics and consumer insights.
  4. Kantar Australia: Provides market research and insights across various industries.
  5. Australian Bureau of Statistics (ABS): Offers official statistics and economic data for market analysis.
  6. A platform for accessing market research reports and studies related to Australia.
  7. YouGov Australia: Conducts surveys and provides market research data on consumer sentiment.
  8. Toluna: Offers consumer insights and real-time market research capabilities.
  9. ReachTEL: Provides automated phone polling and market research services.
  10. Qualtrics: A platform for designing and conducting surveys and market research studies.
  11. SurveyMonkey Australia: A widely used online survey tool for collecting market research data.
  12. GfK Australia: Offers market research and consumer insights across various sectors.
  13. Mintel Australia: Provides market intelligence reports and consumer trend analysis.
  14. KPMG Australia: Offers market research, advisory and economic analysis services.
  15. Deloitte Access Economics: Provides economic and industry analysis reports specific to Australia.
  16. IBISWorld Australia: Offers industry research reports and data for market analysis.
  17. Statista Australia: Provides access to statistics and market research reports.
  18. Austrade: The Australian Trade and Investment Commission offers market intelligence and export assistance.
  19. Kroll (formerly Verifacto): Offers market research and due diligence services.
  20. G2 Crowd: A review platform that provides insights into software and service providers used by Australian businesses.

Industry Specific Market Research

To supplement these general market research tools there are often industry specific information sources you can tap into.  We look here at two specific industries – healthcare and construction.  But other industries will also have their niche information sources and tools.

10 Market Research Tools for the Healthcare Industry

  1. Australian Register of Therapeutic Goods (ARTG): The official database for therapeutic goods, including medical devices and pharmaceuticals approved for use in Australia.
  2. TGA (Therapeutic Goods Administration): The regulatory body responsible for the regulation of therapeutic goods in Australia, offering resources for finding approved suppliers.
  3. MedTech Actuator: A platform connecting healthcare startups and innovators with potential suppliers and investors.
  4. Australian Healthcare and Hospitals Association (AHHA): Provides information on healthcare suppliers, products, and services in Australia.
  5. Health Purchasing Victoria (HPV): Offers procurement services and supplier information for healthcare providers in Victoria.
  6. Health Purchasing New South Wales (HPNSW): Provides procurement services and supplier information for healthcare providers in New South Wales.
  7. Health Purchasing Queensland (HPQ): Offers procurement services and supplier information for healthcare providers in Queensland.
  8. MedicalSearch: An online platform for finding medical suppliers and equipment in Australia.
  9. HealthShare NSW: Connects healthcare organisations in New South Wales with suppliers and procurement opportunities.
  10. Health Purchasing Victoria Supplier Portal: A portal for suppliers to connect with Health Purchasing Victoria.

10 Market Research Tools for the Construction Industry

  1. Industry Capability Network (ICN) Australia: Connects businesses with suppliers and contractors in various industries, including construction.
  2. TenderSearch: Provides access to construction tenders and procurement opportunities in Australia.
  3. AusTender: The Australian Government’s procurement information system, which includes construction-related contracts and opportunities.
  4. EstimateOne: A platform for accessing construction project leads and connecting with potential suppliers and subcontractors.
  5. BidContender: Offers tools for tender management, supplier engagement, and project collaboration.
  6. ProcureTRAK: A procurement management system that includes supplier management features and is used by many companies in Australia.
  7. Build Australia: Provides access to construction projects, tenders, and suppliers across the country.
  8. Master Builders Australia: The official website of the Master Builders Association, which can be a resource for finding suppliers and contractors.
  9. Cordell Connect: Offers detailed information on construction projects, including key suppliers and stakeholders.
  10. iSeekPlant: A platform for sourcing plant and equipment suppliers for construction projects in Australia.

Nail down the most important step in the procurement process

Performing exhaustive and excellent market research is vital to a sound procurement process. At Comprara, not only do we have an analytics platform designed to improve your supplier and project management, but we also have extensive experience in the market research arena and can provide industry-leading consultative services. Get in touch today.