Geological Supplies Market Procurement Intelligence Report

A complete buyer's guide that provides comprehensive insights on Geological Supplies category spend, spend growth and regional segmentation; in-depth price trends; negotiation levers and analysis of Geological Supplies suppliers.

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Our category grouping process defines that the overall Engineering Products and Equipment market includes all spend related to the provision of goods related to the operation of industrial and engineering services, including machines, equipment and supplies related to cranes, engines and machinery, measurement and testing, hardware and instruments. Dynamics of the global Geological Supplies market play out within this wider arena of Engineering Products and Equipment market. Therefore, our coverage of the Geological Supplies category also operates within this broader boundary of the overall Engineering Products and Equipment market.

Key questions on L4 procurement answered by this report

Strategic Sourcing Guide to Geological Supplies Procurement

Overview

A changing ecosystem within the Engineering Products and Equipment market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Geological Supplies. Suppliers are under an enhanced pressure to offer greater quality, options that suit unique requirements and overall experience of the customer stakeholders involved.

Markets across the globe are reeling under shortage of professionals and workforce that have relevant skills and training. Minimum wages and stringent regulations are compelling suppliers to increase their employee expenses which are expected to have an inflationary impact on buyers' procurement cost.

Technology is improving productivity and creating fresh demand. Convergence of data science, automation tools, 3D printing, robotics, AI and big data has opened up multiple possibilities to better serve customers at a lower operational cost.

Geological Supplies Procurement Best Practices

Sometimes, procurement functions are unable to timely alter their practices while responding to market conditions. Industry experts acknowledge that periodically reviewing procurement best practices and adopting learnings from across procurement categories can help procurement teams respond to market needs in a more agile way. This report combines our experience of other categories with Geological Supplies procurement insights and hand picks best practices that can work for category managers delving in this market.

For example, Strong R&D focus is the sign of a supplier committed to enhancing the quality and cost proposition of its solutions. Buyers should collaborate with such suppliers for development of low-cost but highly efficiency products that can bring their OPEX down.

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 must have a clear understanding of the subcontracting policies, if any, of Geological Supplies 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.


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Risks in Geological Supplies procurement

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


  • 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
  • Procurement without consulting the actual users of Geological Supplies may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed
  • With high adoption of lean manufacturing, the smallest of changes in the supply chain activities lead to huge losses. For instance, cargo theft, flight delays, and quality control issues leads to significant losses to both the suppliers and buyers in the category

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Who should read this report

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

     

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

Geological Supplies Category Insights: What is inside

The Geological Supplies 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 Geological Supplies procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Geological Supplies. 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 Geological Supplies 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 Geological Supplies 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?”

Category Research Framework


SpendEdge presents a detailed picture of Geological Supplies 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.

Information Sources


Primary research
Secondary research
Procurement heads
Industry journals and reports
Category managers
Periodicals and new articles
Sourcing consortium professionals
Category webinars
Industry experts and thought leaders
Internal categiry playbooks
Procurement managers
Industry/government websites on regulations, compliance
Category heads of suppliers
Internal databases
Client account heads/managers
Industry blogs/thought leader briefings
Client and industry consultants

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