Graphite Nipple Market Procurement Intelligence Report

A changing ecosystem within the Engineering Components market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Graphite Nipple. 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.

Suppliers of Graphite Nipple 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 Graphite Nipple. 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.

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 Additionally, outdated assets are also increasing the cost for suppliers.

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 Graphite Nipple procurement insights and hand picks best practices that can work for category managers delving in this market.

For example, Buyers must have a clear understanding of the subcontracting policies, if any, of Graphite Nipple 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 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.

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.

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