Awnings | Intelligence Report | Procurement.Spendedge

Strategic Sourcing Guide to Awnings Procurement

Overview

Construction Supplies market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Awnings procurement and the cost they have to incur. Suppliers across the value chain are increasing their investments in technologies and incorporating systems integrated with IoT, AI, Big data, and data analytics to generate efficiencies and better serve the evolving demand patterns of buyers. This is expected to impact the cost structure of suppliers in the short-term but will help bring down the costs in longer run as suppliers recover the costs of current investment cycles.

Fluctuation in prices of construction materials has made it difficult for project contractors to maintain a steady cost projection on construction projects. Also, the risks associated with project cost overruns are contributing to project delays and abandonment. Procurement functions are more careful while drawing up supplier contracts and insulating their projects from price uncertainties to the extent possible on negotiation tables.

To attract investment and drive long-term value, suppliers are building unique business models and implementing corporate social responsibility (CSR) initiatives and stakeholder engagement programs. Such strategic initiatives are pivotal to acquire a social license to operate, generate consumer awareness, and have easy access to input commodities.

Awnings Procurement Best Practices

The report discusses in detail the best practices that have served well the category managers responsible for Awnings procurement.

For example, It is highly recommended that buyers prioritize regional suppliers unless the project specifications are extremely sophisticated and require specialized vendors. A regional supplier base enables buyers to have significant negotiation power due to spend consolidation and exhaustive knowledge of the local codes and environmental regulations. It also insulates them from adverse fluctuations in currency exchange rates.

Service providers may outsource certain aspects of the project if they lack the required expertise or to expedite the project progress. If the subcontractor is not covered by a reliable liability insurance or does not abide by the same terms and conditions that were laid down for the main contractors, then it can hinder the main contractor's ability to perform its services. It may also entangle the buyers in legal complications and negative publicity.

Buyers should prefer working with suppliers who can bring in specialized solutions for their specific industries to ensure comprehensive delivery of construction related services to buyers.

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Risks in Awnings procurement

Awnings procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Awnings procurement. Some examples include:

Contract-related risks where unfavorable credit terms may severly penalize buyers for delayed payments or entitle the supplier to demand pre-payments or shorten the payment terms are not very common in the category but they do exist in certain situations where buyers' liquidity or financial health is in question
Acceptance of an unfinished design for timely implementation of the project is a common scenario in the construction industry. However, this leads to defects in the design and failure to meet the prescribed standards and legal requirements
Inaccurate estimates of resources and timelines, poor project planning, increase in scope of the project, changes and variations in the project or lack of clarity on responsibilities/ scope of work may result in buyers incurring additional cost on the project that exceeds their planned budget

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Who should read this report

The report is intended to serve as a one-stop reference guide for Awnings procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Awnings: Procurement Report 101” as well as for category experts actively tracking the global Awnings procurement market.

You may have just initiated your research to design a winning Awnings procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on Awnings procurement answered by this report

Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

The Awnings procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

What is the spend potential in the Awnings market?
What is the correct price to pay for Awnings? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Awnings Suppliers Market?
Who are the top Awnings suppliers? What are their cost structures?
Which negotiation levers can reduce Awnings procurement cost ?
What are supplier margins in Awnings market?
What are the best practices for Awnings procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Awnings Category Insights: What is inside

The Awnings market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

Data

A key highlight of this report is the in-depth outlook created on Awnings procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Awnings. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on Awnings market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the Awnings category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

Category Ecosystem

Buyer and supplier ecosystem
Competitiveness index
Buyer and supplier power
Threat of new entrants and substitutes

Global and Regional Sourcing Insights

Category spend
Spend growth
Dynamics
Opportunities

Pricing and Cost Analysis

Pricing outlook and data
Drivers of pricing
Cost structure and inputs cost
Total cost of ownership
Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

Buyer and supplier side levers
Quantified cost saving opportunities
Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

Procurement excellence
Sustainability and innovation
KPIs and category enablers
Risk management and outsourcing

Vendor Analysis

RFx essentials and selection criteria
SLAs
Supplier evaluation metrics
Detailed supplier profiles

Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

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Category Research Framework

SpendEdge presents a detailed picture of Awnings procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.