Well-Drilling Rig Monitor Services | Suppliers | Pricing Trends , Best Practices

Strategic Sourcing Guide to Well-Drilling Rig Monitor Services Procurement

Overview

A changing ecosystem within the Operation of Mining Facilities market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Well-Drilling Rig Monitor Services. Outsourcing of Well-Drilling Rig Monitor Services 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.

Buyers of Well-Drilling Rig Monitor Services are insisting on hard evidence to support cost reduction. Suppliers are responding with elaborate matrix of KPIs that provide managers actionable data on supplier performance and cost savings achieved.

Several macro level trends such as slowing economic growth, trade conflicts, rising wages and technological disruptions have put pressure on managers to reduce their spend on Well-Drilling Rig Monitor Services without affecting the performance.

Well-Drilling Rig Monitor Services Procurement Best Practices

Well-Drilling Rig Monitor Services procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Well-Drilling Rig Monitor Services procurement strategy.

For example, Buyers must clearly define clauses pertaining to the ownership of sub-contracting services that are not a part of their preferred suppliers' portfolios. This will ensure consistency in the services of sub-contracted firms as well as protection of confidential data.

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.

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.

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Risks in Well-Drilling Rig Monitor Services procurement

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

Rising cost of labor, irregular evaluation of asset condition, and improper maintenance of the assets at the facilities increases cost of facilities management. Also, poor planning of maintenance and contingency budgeting results in an increase in the budget to the category managers
Procurement without consulting the actual users of Well-Drilling Rig Monitor Services may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed
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-Drilling Rig Monitor Services 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-Drilling Rig Monitor Services: Procurement Report 101” as well as for category experts actively tracking the global Well-Drilling Rig Monitor Services procurement market.

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

The Well-Drilling Rig Monitor Services 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-Drilling Rig Monitor Services 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-Drilling Rig Monitor Services. 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-Drilling Rig Monitor Services 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-Drilling Rig Monitor Services 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-Drilling Rig Monitor Services 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.