Data Capture Services | Intelligence Report

Strategic Sourcing Guide to Data Capture Services Procurement

Overview

A changing ecosystem within the Contingent Labour market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Data Capture Services. The market is rapidly showing signs of a great divide - at one extreme is a low-cost market with almost commoditized services and at the other end is the market for high cost specialized services. Data Capture Services vendors are adopting starkly different business models and cost structures in an effort to address both the markets.

Certain non-compliance scandals in the broader professional services industry has pushed both clients and suppliers to put in proper processes and protocols that reduce non-compliance, protect data and information and demonstrate ethical business practices.

In a bid to broaden their service portfolio, Data Capture Services service providers are heavily investing in advanced technologies and tools such as RPA, AI, data analytics, and blockchain. This trend has a potential to increase their OPEX and in turn, procurement costs for buyers in the short term.

Data Capture Services Procurement Best Practices

Data Capture Services 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 Data Capture Services procurement strategy.

For example, Buyers should engage with service providers that can provide integrated services, including consulting, implementation, and support services.

Buyers need to adopt a single sourcing model instead of sourcing from different consultants to strengthen their partnership with the selected service provider. This also reduces management complexity, as they need to deal with a single Point of contact.

Buyers should invite bids from industry competitors to ensure that the offers they receive are competitive. Service providers may be willing to offer a multi-year engagement at a reduced fee, which can be beneficial for category buyers in the long-term.

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Risks in Data Capture Services procurement

Data Capture Services procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Data Capture Services 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
Buyers have to undergo substantial overhead costs if services need to be maintained by them for a longer period of time
The services obtained may not live up to buyers' expectations with respect to possession of skillsets. This will lead to reduction in productivity of buyers

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Who should read this report

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

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

Data Capture Services Category Insights: What is inside

The Data Capture Services 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 Data Capture Services procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Data Capture Services. 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 Data Capture Services 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 Data Capture Services 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 Data Capture Services 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.