Field Testing Services | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Field Testing Services Procurement

Overview

Technical Services market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Field Testing Services procurement and the cost they have to incur. Talent pools available to suppliers of Field Testing Services are gradually getting costlier, impacting their OPEX. Suppliers are compelled to change their pricing structure and pass on some of this cost increase to their customers.

Lack of skilled in-house manpower continues to be the largest factor for hiring of Field Testing Services.

Many suppliers are investing in automation technologies such as AI, robotics, machine learning and big data to optimize their business operations and offer new services to their customers. However, a part of this investment is also passed to buyers in the form of high prices being charged for value added services.

Field Testing Services Procurement Best Practices

It has become imperative for category managers to remain as agile as possible in terms of their procurement practices. However, it is not always easy to quickly spot and implement alternative practices in a category like Field Testing Services. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, There are increased exposure risks of confidential data such as product and service information, operations, and customer information when engaging a third-party supplier. Buyers must engage with suppliers that use encryption technologies, password protection, access control solutions, and proper training schedules to prevent possible information breach.

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 Field Testing Services.

Investing in benchmarking studies help category managers improve their knowledge on market pricing or billing rates of suppliers by job role and function. This also allows them to save costs as well as negotiate better with service providers.

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Risks in Field Testing Services procurement

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

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
Service providers depend on their personnel's expertise and business acumen to achieve high business growth. Competition for acquiring experienced professionals is extremely high in the market. They need to incorporate effective measures to retain talent as well as implement succession planning strategies
Service providers are subject to E&O claims, due to the failure to correctly offer professional services as agreed in the contract. If such claims made by the client are found to be true, then they can result in financial penalties

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Who should read this report

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

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

Field Testing Services Category Insights: What is inside

The Field Testing 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 Field Testing 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 Field Testing 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 Field Testing 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 Field Testing 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 Field Testing 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.