Patient Lifting Equipment | Intelligence Report

Strategic Sourcing Guide to Patient Lifting Equipment Procurement

Overview

Clinical Furniture market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Patient Lifting Equipment procurement and the cost they have to incur. 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.

Companies that serve multiple markets are increasingly facing the dynamism in regulatory frameworks across countries. Coupled with increased costs across the value chain, suppliers are hard pressed to alter their business models and pricing structures to remain relevant in the market.

New locations and vendors are emerging as cost effective suppliers of Patient Lifting Equipment, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

Patient Lifting Equipment 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 Patient Lifting Equipment. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Large organizational buyers can leverage their scale of operations to initiate competitive bidding between suppliers. Competitive bidding would enable buyers to have a better visibility of the market prices and may help identify suppliers that offer the most competitive price offering viz-a-viz other players.

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.

Before engaging in a contractual agreement with suppliers, buyers should focus on identifying and understanding various critical parameters along with their impacts on different procurement models.

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Risks in Patient Lifting Equipment procurement

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

Suppliers are exposed to the risk of fluctuating prices of key inputs. This impacts the product price as suppliers would have to increase product price to maintain contribution margins
Long credit period provided to buyers for making payment and fluctuating exchange rates pose a risk to suppliers. Default in payment by buyers would impact suppliers' ability to operate efficiently and may create a liquidity risk
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

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Who should read this report

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

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

Patient Lifting Equipment Category Insights: What is inside

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