Meals And Entertainment | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Meals And Entertainment Procurement

Overview

Business Travel Accommodation market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Meals And Entertainment procurement and the cost they have to incur. Travel managers have begun to understand the implications of their colleagues' personal data being handled by a third-party provider, more so after several high-level data breaches. While it is still not possible to completely avoid the data sharing, buyers are more diligent in inserting elaborate data security and confidentiality clauses in their contracts. These developments increase the risks and compliance requirements, which in turn adds to the cost of services.

With regional and national boundaries blurring in today's corporate world, companies increasingly find themselves with a latent need to bring together geographically distant teams, customers and stakeholders. Therefore, the demand outlook for Meals And Entertainment is expected to remain strong.

To simplify the corporate travel and events process and enhance the end-to-end experience of users, suppliers are innovating with tools that aggregate the multiple fragments of this process such as booking, management of disruptions, customer service and spend within a single interface.

Meals And Entertainment Procurement Best Practices

It has become imperative for category managers to remain as agile as possible in terms of their procurement practices. However, it is not always easy to quickly spot and implement alternative practices in a category like Meals And Entertainment. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Buyers prefer to engage with service providers that provide one-stop solutions such as multi-modal travel bookings, accommodation assistance, events listings, ticketing and event promotions.

Bundling of services allows buyers to mitigate the risks involved in managing multiple stakeholders for various aspects of travel and event management. It also offers buyers spend visibility and allows them to negotiate for better pricing during the procurement of services.

Investing in benchmarking studies help category managers enhance their knowledge about market pricing or billing rates based on job roles and functions. This allows them to not only save costs but also negotiate with suppliers. For example, while negotiating on rates of bundled services, buyers can save significantly on a single service by cross verifying the rates quoted by suppliers against industry benchmarks.

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Risks in Meals And Entertainment procurement

Meals And Entertainment procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Meals And Entertainment 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
When requirements of the buyers are not absolutely clear or usage patterns are not stable or predictable, suppliers often build in \"cost buffers\" for unforeseen risks due to a lack of complete understanding on buyer's requirements. This increases the risk of overspending on Meals And Entertainment
An increase in real estate rates, specially across tier 1 cities has been observed in emerging economies. This will directly increase delivery costs of “Business travel accommodation” suppliers, leading to increased costs for buyers

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Who should read this report

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

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

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Meals And Entertainment Category Insights: What is inside

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