Safes | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Safes Procurement

Overview

Business practices within Safes market are heavily influenced by changing trends across the category as well as within the broader Security Equipment market. Regulatory changes are taking place more frequently and the changes impact multiple functions within an organization. Alignment of procurement practices and decisions with all the new regulations has now become highly challenging, especially when category managers are responsible to centrally procure for multiple regions with different regulations.

Suppliers are disrupting traditional business models with new offerings and terms. These disruptions are also necessitating buyers to relook their procurement practices and standards with respect to supplier selection and price benchmarking activities.

Several factors in the value chain of Safes, such as labor cost, logistics, and energy costs are driving up the procurement costs. Additionally, engagement of suppliers who are still operating with outdated assets, technologies and processes is also increasing the cost for buyers.

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

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

For example, Buyers should engage with suppliers that can repurchase the used products at fair market value or can offer recycling capability. This assists buyers to dispose of used products in a convenient manner and honor their sustainability practices. Also, suppliers provide credits to buyers for future purchases. This reduces overall procurement costs for buyers.

Investing in benchmarking studies helps category managers in enhancing their knowledge on market pricing of products and costing of maintenance and support services). This arms them with better ammunitions for negotiation.

Buyers need to employ robust should-cost models and total cost of ownership models to aid Safes supplier selection and pricing negotiations.

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Risks in Safes procurement

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

The minimal infrastructure development for logistics in several parts of the world portrays a challenge for suppliers to maintain the standardization of logistics of materials
Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance
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 Safes 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 “Safes: Procurement Report 101” as well as for category experts actively tracking the global Safes procurement market.

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

Safes Category Insights: What is inside

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