Summary: Rachael Simpson from Tracker, the leading business intelligence and tender solution, looks at how developing an understanding of the defence marketplace can lead to success for your business.
For organisations looking to sell to the defence sector, one of the most important ways of ensuring you secure that crucial competitive advantage is through gaining a thorough understanding of the opportunities up for grabs in the marketplace.
By understanding your sector, your region, your competitors and your own organisation’s strengths and weaknesses, you can make sure that every opportunity you go for is the right one for your company.
Defence suppliers come in all shapes and sizes
The UK defence industry is massive, but the Ministry of Defence buys more than just military equipment. Goods, works and services of all types go to make up the MOD’s annual procurement spend of £16 billion, and some suppliers and service providers may be more surprising than others.
For example, in the period July 2012 to July 2013, a major supplier to the defence sector was Barclays Bank Plc. The majority of this spend followed the launch of Barclays’ Government Procurement Card, a commercial charge card for public sector employees. However, in April 2013 a sum of £31,324.30 was awarded to Barclays for the transportation of personnel and freight and associated travel expenses.
The power of business intelligence
Barclays Bank may not be the most obvious supplier to the Ministry of Defence, but this is a true testament to the variety of opportunities which are available to suppliers to the public sector who are willing to seek them out.
Using this type of detailed information about your marketplace, you can begin to tailor your procurement practices to the requirements of the industry and keep abreast of all the changes in your sector. In such a competitive environment, the organisation which can move with the needs of the market can position itself one step ahead of its rivals.
The data in this article was compiled using the business intelligence tool, Spend Analysis Pro, available with the Tracker Advance business solution.