Therapeutic Area Experts, Kols And Speaker Fees Category Procurement Intelligence Report

The market for Business Travel Accommodation and its sub-segments such as Therapeutic Area Experts, Kols And Speaker Fees are at an interesting intersection. Consumer markets are underpinned with apps and websites that offer a very friendly experience for bookings and cancellations - an experience that has not yet crossed over to the corporate segments. As executives grow more accustomed to self-planning and self-booking in their personal lives, they expect similar convenience in their business lives as well. In the absence of right tools and technologies, a lot of friction can be generated between employees looking for convenience and travel departments looking to enforce rules and policies.

Travel managers have begun to understand the implications of their colleagues' personal data being handled by a third-party provider, more so after several high-level data breaches. While it is still not possible to completely avoid the data sharing, buyers are more diligent in inserting elaborate data security and confidentiality clauses in their contracts. These developments increase the risks and compliance requirements, which in turn adds to the cost of services.

With regional and national boundaries blurring in today's corporate world, companies increasingly find themselves with a latent need to bring together geographically distant teams, customers and stakeholders. Therefore, the demand outlook for Therapeutic Area Experts, Kols And Speaker Fees is expected to remain strong.

Trends like these and many others discussed in this report are necessitating a relook at the way Therapeutic Area Experts, Kols And Speaker Fees is procured and the procurement cost saving opportunities that exist.

Sometimes, procurement functions are unable to timely alter their practices while responding to market conditions. Industry experts acknowledge that periodically reviewing procurement best practices and adopting learnings from across procurement categories can help procurement teams respond to market needs in a more agile way. This report combines our experience of other categories with Therapeutic Area Experts, Kols And Speaker Fees procurement insights and hand picks best practices that can work for category managers delving in this market.

For example, It is important for category managers to track and measure the performance of suppliers against a set of defined KPIs that are agreed upon during the contract negotiation phase. The performance of suppliers can also be linked to a portion of their fee that can be paid upon rendering of services in a satisfactory manner. For instance, category buyers should assess supplier performance for adherence to allocated travel budgets.

Suppliers often charge substantial fees for cancelation and rebooking. Buyers should negotiate for low prices on these aspects to realize direct cost-savings.

Buyers should incentivize employees that select cost-effective options by providing them with rewards at the end of the year based on the total cost-savings earned. Incentives can be in the form of free upgrades on airlines, hotels, and car rentals.

Therapeutic Area Experts, Kols And Speaker Fees procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Therapeutic Area Experts, Kols And Speaker Fees procurement. Some examples include: