FAQ

What does Athena IQ offer that I can't get from searching the internet on my own?

Procurement market intelligence from Athena IQ offers three key advantages over manual internet searches: breadth, timeliness, and usability.

• Breadth  –  In addition to publicly accessible information, our standard subscription service includes data and insights from sources like Lexis Nexis, other-language sources translated to English, government data available on request only, and data from secondary market research.
• Timeliness – Athena IQ updates our market intelligence in real time and notifies subscribers of significant market news between contract negotiations.
• Usability – Getting information from different sources invariably means working with a variety of formats and data structures. We do the hard work of standardizing the data and presenting it in a format you can easily use for further Excel analysis or to insert into a Word document or PowerPoint presentation.

Where does Athena IQ get its data?

Our standard subscription service draws from online resources, aggregators like Lexis Nexis, analysts, government data, and discussions with in-country category experts. For custom reports, we can expand that scope to include interviews with suppliers or their customers.

What kind of ROI can I expect with a market intelligence service?

Because every category is different, it is difficult to quote an average ROI. However, here are two examples of results our customers typically see.

• An oil and gas company faced a 2.3% price increase for pumps only nine months into their contract. Analysis of the cost structure showed that manufacturing costs had decreased by about 8% year-over-year. Instead of accepting the 2.3% increase, the company negotiated a 5% price reduction.
• During sourcing strategy development, a metals and mining company discovered a new HR consultant during the supplier identification phase. When the RFQ responses came back, this new supplier offered the same services and quality as the incumbent for $250,000 less per year.

Does Athena IQ offer market intelligence related to my industry?

Athena IQ primarily serves three industries – chemicals, metals, and oil and gas. We focus on providing insights on the second slice of their spend, the operation-critical products and services that rank right below strategic raw materials. Companies with similar spend breakdowns may also find our subscription service valuable.

What kinds of people are Athena IQ subscribers?

Our typical subscriber is a procurement professional at a chemicals, metals, or oil and gas company. In some cases, the whole department subscribes. In others, a solo analyst or category manager owns a subscription. Chief procurement officers also use Athena IQ to stay current on their top spend categories.