Well-Completion Equipment | Intelligence Report

Strategic Sourcing Guide to Well-Completion Equipment Procurement

Overview

Business practices within Well-Completion Equipment market are heavily influenced by changing trends across the category as well as within the broader Engineering Products and Equipment market. 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.

Suppliers are under an enhanced pressure to offer greater quality, options that suit unique requirements and overall experience of the customer stakeholders involved.

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.

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

Well-Completion Equipment Procurement Best Practices

As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Well-Completion Equipment category procurement. The report offers a succinct analysis of Well-Completion Equipment procurement best practices.

For example, Strong R&D focus is the sign of a supplier committed to enhancing the quality and cost proposition of its solutions. Buyers should collaborate with such suppliers for development of low-cost but highly efficiency products that can bring their OPEX down.

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 recycling capability. Recycling capability of the suppliers will lower their production costs which will be passed on to buyers. Additionally, the recycling capability will contribute in furthering the sustainability goals of the buyers' organization.

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Risks in Well-Completion Equipment procurement

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

Procurement without consulting the actual users of Well-Completion Equipment may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed
Crude oil is one of the major factors that determines the risks associated with the category as fuel costs account for a major portion of the suppliers' cost structure. Volatility in the prices of crude oil significantly impacts the overall costs incurred in the category
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 Well-Completion Equipment 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 “Well-Completion Equipment: Procurement Report 101” as well as for category experts actively tracking the global Well-Completion Equipment procurement market.

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

Well-Completion Equipment Category Insights: What is inside

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