Market surveillance is the continuous process of updating market research and is used to obtain a sense of the products and services available in the marketplace and their various characteristics and capabilities. It includes activities designed to keep the purchase/SCM team abreast of current technology, product development, and innovative services. Market surveillance should focus on industry trends, technological change, and economic conditions. The full awareness of market conditions and potential suppliers obtainable through market surveillance gives the purchase/SCM team the information necessary to maximize the opportunity for competition, or informed judgement as to the decision to use noncompetitive process. Robust market surveillance increases the likelihood of achieving best value outcomes.
