Sealants Market Procurement Intelligence Report

Several macro changes in the dynamics of overall Building Operations as well as Sealants procurement trends are poised to change the business practices and procurement thumb rules. Many companies are looking to engage Sealants supplies in a long-term partnership to derive the highest ROI possible and creating an environment of trust and collaboration that allows for new optimization strategies.

As market presence of companies become global, there is a growing preference towards service providers who can provide services seamlessly across the globe and have excellent understanding of local regulations and culture.

Outsourcing of Sealants now represents a significant part of the global spend on this category, driven by value derived and a growing number of vendors who keep innovating with new services and value propositions.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement 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 Sealants. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Buyers should evaluate the true costs of each product and service within the scope of work for supplier, and also understand the hidden costs associated. This can help them to set accurate targets for cost reduction for their suppliers, and effectively monitor and evaluate their performance against industry benchmarks.

Buyers must ensure the participation and collaboration of all related cross-functional teams (procurement, electrical, engineering, and housekeeping) in category management and planning activities. This is crucial, as these teams will be the primary end-users of the services offered by suppliers, and this step will ensure consistency in services.

Category managers must explore opportunities to integrate planning and management activities of categories using analytics, to gain better control over category spend. This will also allow them to consolidate their supply base easily, as well as to segment suppliers based on requirements and spend on each supplier.

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