Lacquers | Suppliers | Pricing Trends , Best Practices

Strategic Sourcing Guide to Lacquers Procurement

Overview

The market for Construction Supplies and its sub-segments such as Lacquers are at an interesting intersection. To attract investment and drive long-term value, suppliers are building unique business models and implementing corporate social responsibility (CSR) initiatives and stakeholder engagement programs. Such strategic initiatives are pivotal to acquire a social license to operate, generate consumer awareness, and have easy access to input commodities.

Suppliers across the value chain are increasing their investments in technologies and incorporating systems integrated with IoT, AI, Big data, and data analytics to generate efficiencies and better serve the evolving demand patterns of buyers. This is expected to impact the cost structure of suppliers in the short-term but will help bring down the costs in longer run as suppliers recover the costs of current investment cycles.

Over the years, regional boundaries have blurred as suppliers foray into different continents, increase their capital expenditure and spend on cross-border M&A initiatives. The deployment of geographic diversification strategies through such consolidation initiatives has enabled the large suppliers to improve their performance and expand their business footprint.

Trends like these and many others discussed in this report are necessitating a relook at the way Lacquers is procured and the procurement cost saving opportunities that exist.

Lacquers Procurement Best Practices

The report discusses in detail the best practices that have served well the category managers responsible for Lacquers procurement.

For example, Large firms should prefer to engage in long-term contracts with a preferred set of suppliers that can provide integrated solutions for all scales of projects (small, mid-sized, or large). Partnerships with preferred service providers lead to category-level innovations and enable buyers to avail customized services.

Buyers should invest in benchmarking studies that help them to improve their knowledge of prevalent pricing structures within the industry. This is based on job role and function that allows them to not only save costs but also negotiate better with service providers.

Buyers must have a clear understanding of the sub-contracting policies of suppliers. Suppliers must be evaluated on factors such as price, quality, and regulatory compliance of their subcontractors before they are selected.

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Risks in Lacquers procurement

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

Acceptance of an unfinished design for timely implementation of the project is a common scenario in the construction industry. However, this leads to defects in the design and failure to meet the prescribed standards and legal requirements
Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance
Construction projects are exposed to different types of political and regulatory risks depending on the project lifecycle stage, for example, delayed construction permits, community opposition during the planning and construction phases, expropriation and changes to asset-specific regulations, tightened decommissioning requirements and non-renewal of licenses at the end of a contract

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Who should read this report

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

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

Lacquers Category Insights: What is inside

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