Why is performing a “Market Survey” critical in acquisition practices?

Performing a “Market Survey” is critical in acquisition practices primarily because it enables organizations to discover available technologies and capabilities that can meet system requirements. This process involves researching the current market landscape to assess existing products, services, and solutions that can fulfill the operational needs of a system or project.

Understanding what technologies and capabilities are available allows decision-makers to make informed choices about which products or services best align with their specific requirements, ensuring that they are not starting development from scratch when viable solutions already exist. This can lead to more effective acquisition strategies, reduced development times, and the ability to take advantage of innovations that may enhance performance.

Furthermore, a market survey also supports the reduction of risks by ensuring that the chosen solutions are mature, reliable, and supported by the marketplace, thereby avoiding potential pitfalls related to untested or emerging technologies. Overall, this critical step lays the foundation for successful acquisitions by aligning organizational needs with market offerings.