Pet Resin Market Procurement Intelligence Report

The report provides a comprehensive coverage on Pet Resin category spend growth and regional spend segmentation insights, Pet Resin price trends and Pet Resin supply market analysis.

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Scope of the report

This report on global Pet Resin category is part of a larger series of reports on global Engineering Materials market. The scope of Engineering Materials spans multiple categories and is typically identified as a procurement category that includes all spend related to the provision of essential industrial and engineering raw materials which are further processed or used to produce goods, articles or structures.

KEY PROCUREMENT INSIGHTS COVERED

Strategic Sourcing Guide to Pet Resin Procurement

Overview

Business practices within Pet Resin market are heavily influenced by changing trends across the category as well as within the broader Engineering Materials market. 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 Pet Resin 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 Pet Resin. 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 Pet Resin are highly impacted by an increase in the costs associated with the value chain of Pet Resin, such as logistics, labor cost and energy. Additionally, outdated assets are also increasing the cost for suppliers.

As a result, category managers need to closely monitor the Pet Resin procurement trends and identify changes required in their procurement environment for the category.

Pet Resin Procurement Best Practices

As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Pet Resin category procurement. The report offers a succinct analysis of Pet Resin procurement best practices.

For example, Buyers should invest in benchmarking studies that help category managers to improve their knowledge on market pricing or billing rates of service providers. This helps them to not only save costs but also increase their negotiation power.

Buyers must have a clear understanding of the subcontracting policies, if any, of Pet Resin 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.

Competitive bidding as a cost optimization tool is extremely potent but should be carefully deployed only when there is no significant differentiation among Pet Resin suppliers.


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Risks in Pet Resin procurement

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


  • With changing technologies, the manufacturing, packaging and labelling requirements have become more stringent than ever across geographies globally. RFID tags, temperature sensors, and barcode scanners, have become common requirements across the category. There is also an increase in the adoption of technologies such as AI and IoT. Therefore, suppliers incur excessive costs to keep upgrading their technology and to ensure maintenance of these technologies across various stages of the product category
  • With high adoption of lean manufacturing, the smallest of changes in the supply chain activities lead to huge losses. For instance, cargo theft, flight delays, and quality control issues leads to significant losses to both the suppliers and buyers in the category
  • 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 Pet Resin

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Who should read 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!!

    You may have just initiated your research to design a winning Pet Resin procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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

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Key questions on Pet Resin procurement answered by this report


    The Pet Resin 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 Pet Resin market?
    • What is the correct price to pay for Pet Resin? What are the key trends and factors that influence current and future pricing?
    • Which selection criteria are the most important for Pet Resin Suppliers Market?
    • Who are the top Pet Resin suppliers? What are their cost structures?
    • What are supplier margins in Pet Resin market?
    • Which negotiation levers can reduce Pet Resin procurement cost ?
    • What are the best practices for Pet Resin 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!

Pet Resin Category Insights: What is inside

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

Category Research Framework


SpendEdge presents a detailed picture of Pet Resin 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.

Information Sources


Primary research
Secondary research
Procurement heads
Industry journals and reports
Category managers
Periodicals and new articles
Sourcing consortium professionals
Category webinars
Industry experts and thought leaders
Internal categiry playbooks
Procurement managers
Industry/government websites on regulations, compliance
Category heads of suppliers
Internal databases
Client account heads/managers
Industry blogs/thought leader briefings
Client and industry consultants

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