Oilrig Christmas Trees Market Procurement Intelligence Report

Several macro changes in the dynamics of overall Engineering Products and Equipment as well as Oilrig Christmas Trees procurement trends are poised to change the business practices and procurement thumb rules. 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.

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 Additionally, outdated assets are also increasing the cost for suppliers.

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.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.

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

For example, Buyers should engage with suppliers that repurchase used products at fair market value. This assists buyers to dispose of used products in a convenient manner. Also, during such repurchases, suppliers provide credits to buyers for future purchases. This reduces overall procurement costs for buyers.

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.

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