Customer Experience Tools | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Customer Experience Tools Procurement

Overview

Business practices within Customer Experience Tools market are heavily influenced by changing trends across the category as well as within the broader BPO Services market. New locations and vendors are emerging as cost effective suppliers of Customer Experience Tools, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

More and more buyers of Customer Experience Tools are looking to engage suppliers who adhere to lean principles of business operations in a bid to receive services and resources that are highly optimized and insulates in part from cost overruns.

Suppliers are increasingly offering a 'bundle' of services which is marketed as a cost saving option. The bundled offering often includes services that are not required by the buyer or are charged at a much higher rate than an A la carte option with another supplier.

As a result, category managers need to closely monitor the Customer Experience Tools procurement trends and identify changes required in their procurement environment for the category.

Customer Experience Tools Procurement Best Practices

Customer Experience Tools 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 Customer Experience Tools procurement strategy.

For example, Buyers should engage with service providers that provide AFA in their pricing as negotiating on an hourly basis can increase the procurement cost of buyers due to overruns within lawsuits. AFA also provides buyers with cost predictability, certainty, and transparency.

Category managers must ensure that they have clearly identified and listed down potential negotiation levers to maximize the value of their category spend before entering into contract-related discussions with service providers. Common negotiation levers to maximize value include deadlines, terms related to payments, (including fees, expenses, and payment timelines) and assistance required from the buyer's organization.

Cost saving opportunities may reduce exponentially in relation to the time left for current contract to expire or required timeline to start the engagement. Therefore sufficient interval should exist between initation of new procurement and expected start date of the new contract for Customer Experience Tools.

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Risks in Customer Experience Tools procurement

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

Pricing terms in the contract could prove to be inadequate to safeguard the buyer from impact of a sudden increase in supplier's cost, often arising from a lack of clarity on scope of products or services to be delivered
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
Service providers rely on complex information systems to deliver their services, some of which might be outsourced. These systems are susceptible to virus attacks and security breaches. In the case of a loss of proprietary information or confidential information of the client's firm, service providers can become liable to pay hefty penalties

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Who should read this report

The report is intended to serve as a one-stop reference guide for Customer Experience Tools 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 “Customer Experience Tools: Procurement Report 101” as well as for category experts actively tracking the global Customer Experience Tools procurement market.

You may have just initiated your research to design a winning Customer Experience Tools 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 Customer Experience Tools 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 Customer Experience Tools 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 Customer Experience Tools market?
What is the correct price to pay for Customer Experience Tools? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Customer Experience Tools Suppliers Market?
Who are the top Customer Experience Tools suppliers? What are their cost structures?
Which negotiation levers can reduce Customer Experience Tools procurement cost ?
What are supplier margins in Customer Experience Tools market?
What are the best practices for Customer Experience Tools 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!

Customer Experience Tools Category Insights: What is inside

The Customer Experience Tools 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 Customer Experience Tools procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Customer Experience Tools. 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 Customer Experience Tools 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 Customer Experience Tools 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 Customer Experience Tools 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.