Rheometers Market Procurement Intelligence Report

Business practices within Rheometers market are heavily influenced by changing trends across the category as well as within the broader Engineering Products and Equipment market. Volatility in the prices of key inputs is creating multiple issues that impact procurement within Rheometers category such as benchmarking and budgeting of the procurement costs.

Suppliers of Rheometers 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 Rheometers. 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.

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.

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

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

For example, Buyers need to evaluate the in-depth expertise of suppliers in the Rheometers industry. This can be assessed by considering factors such as the years of experience, number of resources that have multi-year experience of working in the same industry and at least 3 to 5 credentials for the supplier.

Buyers should assess the level of adoption of the latest technologies by suppliers to assess cost-saving opportunities and quality that can be provided by the latter. For instance, the adoption of technologies such as cloud computing will enable suppliers to reduce their internal computing hardware requirements for operations such as CAD and CAM. This can, in turn, enable them to reduce their operating costs, thereby suppliers can offer products at lower rates to 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.

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