Gauges & Gages | Suppliers | Pricing Trends , Best Practices

Strategic Sourcing Guide to Gauges & Gages Procurement

Overview

Business practices within Gauges & Gages market are heavily influenced by changing trends across the category as well as within the broader Engineering Products and Equipment market. Volatility in the prices of key inputs is creating multiple issues that impact procurement within Gauges & Gages category such as benchmarking and budgeting of the procurement costs.

Regulatory guidance on data protection and increasing concern over cybersecurity have increased the costs for suppliers as they incur additional spend on compliance and security. These additional costs have a potential to drive marginal increase in prices across the key geographies.

Procurement costs for Gauges & Gages are highly impacted by an increase in the costs associated with the value chain of Gauges & Gages, such as logistics, labor cost and energy. Additionally, outdated assets are also increasing the cost for suppliers.

As a result, category managers need to closely monitor the Gauges & Gages procurement trends and identify changes required in their procurement environment for the category.

Gauges & Gages Procurement Best Practices

As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Gauges & Gages category procurement. The report offers a succinct analysis of Gauges & Gages procurement best practices.

For example, Buyers must have a clear understanding of the subcontracting policies, if any, of Gauges & Gages suppliers. Factors such as cost incurred, service quality, adherence to timelines, and regulatory compliance of subcontractors employed by suppliers should be carefully assessed prior to engagement.

Buyers should invest in benchmarking studies that help category managers to improve their knowledge on market pricing or billing rates of service providers. This helps them to not only save costs but also increase their negotiation power.

Competitive bidding as a cost optimization tool is extremely potent but should be carefully deployed only when there is no significant differentiation among Gauges & Gages suppliers.

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Risks in Gauges & Gages procurement

Gauges & Gages procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Gauges & Gages 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
Crude oil is one of the major factors that determines the risks associated with the category as fuel costs account for a major portion of the suppliers' cost structure. Volatility in the prices of crude oil significantly impacts the overall costs incurred in the category
With changing technologies, the manufacturing, packaging and labelling requirements have become more stringent than ever across geographies globally. RFID tags, temperature sensors, and barcode scanners, have become common requirements across the category. There is also an increase in the adoption of technologies such as AI and IoT. Therefore, suppliers incur excessive costs to keep upgrading their technology and to ensure maintenance of these technologies across various stages of the product category

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Who should read this report

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

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

Gauges & Gages Category Insights: What is inside

The Gauges & Gages 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 Gauges & Gages procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Gauges & Gages. 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 Gauges & Gages 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 Gauges & Gages 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 Gauges & Gages 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.