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Market analysis: definition and important aspects for buyers
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What is a market analysis?
A market analysis is the systematic investigation of market conditions, supply, demand and the competitive situation for specific products or services. It serves as the basis for strategic business decisions and enables the identification of opportunities and risks in the market.
Contents
Core problems of market analyses in purchasing
- Unreliable or incomplete data sources
- High expenditure of time and resources for data collection and evaluation
- Lack of integration into existing decision-making processes
- Resistance to data-driven decisions
- Lack of expertise in dealing with analysis tools
Implementation plan for market analyses in purchasing
1. preparation
- Define analysis goals
- Identify relevant data sources
- Plan team and resources
2. set up data management
- Set up data acquisition systems
- Establish quality assurance
- Implementing analysis tools
3. develop processes
- Define standardized analysis processes
- Define decision criteria
- Assign responsibilities
4. empower employees
- Conduct training courses
- Documenting best practices
- Establish support structures
5. continuous improvement
- Regular review of results
- Process optimization
- Adaptation to new market requirements
Market analysis: from manual data collection to AI-supported predictive analytics
Market analysis is an indispensable tool in strategic purchasing, providing in-depth insights into market trends, competitive dynamics and supplier landscapes. Traditionally, it was based on manual data collection and analysis, which was time-consuming and prone to errors. In an increasingly data-driven world, the need to process large amounts of data efficiently and respond quickly to market changes is growing. The transition to AI-powered predictive analytics represents a transformative development that is fundamentally changing the way market analysis is done.
Traditional approach: Traditional market analysis
In traditional market analysis, information about markets and competitors is collected manually through research, surveys and direct observations. Analyses are often carried out using spreadsheets and static reports. This approach is characterized by high personnel costs and slow update cycles. The methods used are often static and offer only limited opportunities to capture dynamic market changes in a timely manner. The main challenges are the limited availability of data, the subjective interpretation of information and the long reaction time to new market conditions.
New: Predictive analytics
Modern market analysis relies on advanced technologies such as AI in purchasing and machine learning to process large and complex data sets from different sources in real time. By integrating big data, including social media feeds, real-time sales figures and global economic data, accurate predictions can be made about future market trends. Key innovations include automated data processing, pattern recognition and the ability to continuously refine predictive models. Practical benefits include significantly increased forecasting accuracy, faster decision-making processes and the ability to respond proactively to market changes, resulting in competitive advantage.
Conclusion on the market analysis
Market analyses are indispensable for successful purchasing decisions today. They enable companies to make fact-based decisions and strengthen their competitive position. Success lies in the systematic implementation and consistent use of modern analysis tools. Despite initial challenges during implementation, the long-term benefits of better decision-making quality and strategic market advantages prevail.
