Fire Escape Equipment Market Procurement Intelligence Report

Several macro changes in the dynamics of overall Emergency and Rescue Equipment and Supplies as well as Fire Escape Equipment procurement trends are poised to change the business practices and procurement thumb rules. Prices of key raw materials that are used to manufacture equipment and systems for emergency and rescue are susceptible to extreme fluctuations. This is expected to have an inflationary impact on the procurement prices within the category.

Globalization has opened new markets for suppliers. Fire Escape Equipment market was historically a localized industry, but many geographies have seen introduction of new, foreign players who brought with them a new set of business practices and value propositions. Influx of this new competition has forced the traditional local suppliers to innovate and enhance their offerings to match the new benchmarks.

Employee cost is increasing across the world due to scarcity of skilled and trained labor and increase in minimum wages. This has resulted in additional costs for Fire Escape Equipment suppliers who are trying to offset some of the cost increase through increasing their pricing and investing in processes and technologies that reduces their reliance on the workforce.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.

Fire Escape Equipment 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 Fire Escape Equipment procurement strategy.

For example, Buyers must accumulate essential data across their information systems and suppliers to create benchmarks for cost, quality and service levels for Fire Escape Equipment suppliers.

Buyers should engage with service providers that can provide value-added services such as forecasting services with respect to prediction of emergency and its management.

Buyers need to employ robust should-cost models and total cost of ownership models to aid Fire Escape Equipment supplier selection and pricing negotiations.

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