Latin America, a region known for Samba festivities, surrealistic literature and Tango music and dance, has gained prominence on the world stage. The continent is all set to showcase its resplendent lifestyle with Brazil hosting World Cup Soccer as well as Summer Olympics.
The economy of Latin America is also going through a major transformation. The economies were once dominated by agro-related activities; but not anymore. The region's industrial base is widening, offering an alternate procurement option for category managers of large organizations.
Small and Medium Enterprises (SMEs) play a key role in the economic landscape as they comprise over 95% of firms in the region as well as providing employment for over 60% of the region's inhabitants, according to an OECD report.
Category managers know the importance of procuring from Latin America. However, they continue to face varied procurement challenges while sourcing from the region. One of the main challenges is lack of reliable information that would help them make meaningful procurement decisions.
The challenge of gathering reliable information can only be addressed if there is a network of strong local experts, who can help glean critical bits of hidden information that could be of use to procurement managers.
And as companies move towards category management, there is a need for continuous supply of Latin American market intelligence as opposed to discrete chunks of data that are currently being churned out.