A purchasing guide for Creative Event Production – rich advisory on spend outlook in Creative Event Production, pricing analysis for Creative Event Production procurement cost benchmarking, negotiation strategies and key vendors of Creative Event Production.
GET FREE SAMPLEOur category grouping process defines that the overall Business Travel Accommodation market includes all spend related to accommodation of staff, vendors or clients directly required for business travel and events. Dynamics of the global Creative Event Production market play out within this wider arena of Business Travel Accommodation market. Therefore, our coverage of the Creative Event Production category also operates within this broader boundary of the overall Business Travel Accommodation market.
Several macro changes in the dynamics of overall Business Travel Accommodation as well as Creative Event Production procurement trends are poised to change the business practices and procurement thumb rules. In recent years, the market has witnessed a significant number of strategic collaborations, mergers, and acquisitions. Such developments have enabled the suppliers to expand their portfolio of offerings, geographic presence, and value chain. Moreover, suppliers have also gained access to new technologies and resources. As costs rise, companies will be pushed towards finding better cost efficiencies in their travel and entertainment programs. Buyers are leveraging new management tools to analyze the costs using a Total cost of trip/event approach as against cost of an individual trip/event cost item. It is now also expected of suppliers to assess the cost effectiveness of any service they provide from a more holistic point of view. Consumer markets are underpinned with apps and websites that offer a very friendly experience for bookings and cancellations - an experience that has not yet crossed over to the corporate segments. As executives grow more accustomed to self-planning and self-booking in their personal lives, they expect similar convenience in their business lives as well. In the absence of right tools and technologies, a lot of friction can be generated between employees looking for convenience and travel departments looking to enforce rules and policies. Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.
Sometimes, procurement functions are unable to timely alter their practices while responding to market conditions. Industry experts acknowledge that periodically reviewing procurement best practices and adopting learnings from across procurement categories can help procurement teams respond to market needs in a more agile way. This report combines our experience of other categories with Creative Event Production procurement insights and hand picks best practices that can work for category managers delving in this market. For example, Large organizations seek engagement with global category suppliers. However, they must try to achieve the right blend of regional and global suppliers in order to ensure availability of management services at locations where global players do not have necessary capabilities. Buyers should seek collaboration with suppliers to identify demand patterns within the organization. This includes data sets for the time of booking, duration, and preference for time and days. Using such analysis, buyers can build a comprehensive corporate guideline and ensure that a specific set of service providers are used for services. Moreover, these data sets can be used to identify cost-saving opportunities. It is important for category managers to track and measure the performance of suppliers against a set of defined KPIs that are agreed upon during the contract negotiation phase. The performance of suppliers can also be linked to a portion of their fee that can be paid upon rendering of services in a satisfactory manner. For instance, category buyers should assess supplier performance for adherence to allocated travel budgets.
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Creative Event Production procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Creative Event Production procurement. Some examples include:
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The report is intended to serve as a one-stop reference guide for Creative Event Production 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 “Creative Event Production: Procurement Report 101” as well as for category experts actively tracking the global Creative Event Production procurement market.
You may have just initiated your research to design a winning Creative Event Production 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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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 Creative Event Production 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:
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The Creative Event Production 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.
A key highlight of this report is the in-depth outlook created on Creative Event Production procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Creative Event Production. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.
Along with specific category and supplier intelligence, the publication also includes curated insights on Creative Event Production 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.
Additionally, the report also advises on the best practices and strategies to manage the Creative Event Production 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.
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?”
SpendEdge presents a detailed picture of Creative Event Production 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.
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