There are some good reasons for including procurement data in your alternative data strategy.
Governments are big and getting bigger. Before the pandemic, they spent $13 Trillion per annum with their suppliers.
They spend money on everything from aerospace to zoology.
Most importantly, governments pump out millions of rows of data on what they want to purchase, what they are purchasing, and how they engage with different markets.
At Spend Network, we gather 24 million documents a year on public procurement.
You don't have to be trading in companies that sell directly to Governments or trying to find fast-twitch triggers for market-moving news. Any analyst can use this data to explore and examine both long-term trends or detailed news about a company.
With millions of documents, including tender notices, specifications, and contract documents, our simple API can create a new window into thousands of markets. Procurement data can show that governments are adopting new technologies, as well as highlight which suppliers are consistently winning work. This data can even give you deep insights into the contract terms that governments will use when purchasing a specific product or service.
Our simple to use API, complete with consistent categorisation, gives you the capacity to spot global trends in business to business transactions and the fine detail of buyers' needs.
From assessing demand to conducting due diligence, our procurement data can provide you with a dependable new source of intelligence in the world of commerce.
To discuss our procurement data in more detail, get in touch here.