Simulators & Training Devices | Suppliers | Pricing Trends , Best Practices

Strategic Sourcing Guide to Simulators & Training Devices Procurement

Overview

Several macro changes in the dynamics of overall Learning and Development Materials as well as Simulators & Training Devices procurement trends are poised to change the business practices and procurement thumb rules. Buyers are moving towards longer contract durations with suppliers of Simulators & Training Devices to benefit from value-based discounts, integrated products and services, lower renewal cost and lesser expenses on contracting activities.

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.

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.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.

Simulators & Training Devices 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 Simulators & Training Devices. 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 Simulators & Training Devices 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.

While competitive bidding as a cost optimization tool is extremely potent but should be carefully deployed only when there is no significant differentiation among Simulators & Training Devices suppliers.

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.

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Risks in Simulators & Training Devices procurement

Simulators & Training Devices procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Simulators & Training Devices 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
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 Simulators & Training Devices
Category is exposed to the currency exchange risks primarily due to high amount of imports of raw material. The lowering down of dollar and Euro prices against the currency of exporting regions will result in the suppliers incurring extra expenses, which ultimately affects the profitability of the buyer

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Who should read this report

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

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

Simulators & Training Devices Category Insights: What is inside

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