Business Continuity Software Market Procurement Intelligence Report

End User Software and Hardware market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Business Continuity Software procurement and the cost they have to incur. In a bid to differentiate themselves in an overcrowded technology space, suppliers are now focusing on creating industry-specific specialized products. Buyers see this trend as an opportunity to procure more targeted solutions and are developing internal capabilities to identify and leverage innovations in the supplier base.

Global market is facing a shortage of professionals with requisite skills and training. Minimum wages and stringent regulations are compelling suppliers to increase their employee expenses which are expected to have an inflationary impact on buyer's procurement cost.

The supply market has undergone several structural changes including introduction of several new vendors every year, M&As and vertical integration efforts of suppliers. This has resulted in some issues such as erosion of previously established supplier relationships but has also opened new opportunities to onboard new suppliers that offer a solution with better fitment or a wider range of offerings in .

Business Continuity Software procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Business Continuity Software procurement strategy.

For example, Needs of buyers can vary depending on the industry where buyers operate. For instance, buyers from the financial services industry give high importance to regulatory compliance and data security, whereas buyers from the e-commerce industry prioritize high throughput, low response time, and high scalability. Hence, service providers with a strong knowledge of the security, compliance, and governance needs of buyers' industries and a proven track record of performance with respect to these aspects should be prioritized.

Prior to the commencement of contract-related discussions, buyers must ensure that they have clearly identified and listed down potential levers, such as duration of contract, resources required, space limits if relevant, terms of payment, expected resolution time, delivery point.

Investing in benchmarking studies not only helps category managers to improve their knowledge about market pricing or billing rates but also in negotiating with suppliers. In fact, this holds true for all technology procurement sub-categories.

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