Opportunity Analysis

Opportunity analysis refers to the process of assessing and evaluating potential opportunities for sourcing goods, services, or materials from external suppliers or vendors.

In short

Opportunity analysis finds and ranks where procurement can create value, so effort goes to the categories that matter most.

What it looks at

• Spend by category, supplier and business unit.
• Contract coverage and expiry dates.
• Price and specification differences across the organisation.
• Market conditions and supplier power.
• How easy each change would be to make.

The output

A ranked list of opportunities, each with an estimated saving or value, the effort it needs and the risk, which becomes the procurement work plan.

Learn more

PI Data Analytics, a Comprara company, runs procurement opportunity analysis from your spend data, and the Academy of Procurement teaches it in its opportunity and supply market analysis course.