Equipment Rentals Or Leasing Market Procurement Intelligence Report

Engineering Products and Equipment market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Equipment Rentals Or Leasing procurement and the cost they have to incur. Volatility in the prices of key inputs is creating multiple issues that impact procurement within Equipment Rentals Or Leasing category such as benchmarking and budgeting of the procurement costs.

Suppliers of Equipment Rentals Or Leasing are moving up the value chain - both organically as well as through M&As. Their portfolios are increasingly being diversified with the objective of offering integrated solutions that go beyond just Equipment Rentals Or Leasing. Even buyers are engaging vendors who can act as a one-stop solution provider across their geographic footprint. Such strategic engagements can help buyers with savings associated with economies of scale and management of a much smaller supplier base.

Several structural changes including M&As and vertical integration efforts of suppliers are characterizing the broader market. Such strategic developments can erode the strength of previously established supplier relationships due to changed realities in the supplier's ecosystem. At the same time, buyers may also find opportunities to onboard new suppliers with a wider range of offerings or better contract terms for .

Equipment Rentals Or Leasing 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 Equipment Rentals Or Leasing procurement strategy.

For example, Buyers should engage with suppliers that have recycling capability. Recycling capability of the suppliers will lower their production costs which will be passed on to buyers. Additionally, the recycling capability will contribute in furthering the sustainability goals of the buyers' organization.

Buyers need to evaluate the in-depth expertise of suppliers in the Equipment Rentals Or Leasing industry. This can be assessed by considering factors such as the years of experience, number of resources that have multi-year experience of working in the same industry and at least 3 to 5 credentials for the supplier.

Buyers should engage with suppliers that have adopted a global delivery model as it reduces buyers' risk. In this model, any disaster/emergency at any operating facility of supplier will result in the work being transferred to a different facility, thereby ensuring continuity of the project and reduced risk for buyers. This model also provides buyers access to skilled labor from across the globe, thereby improving the quality of engineering products provided by the supplier.

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