Clevis & Pins Market Procurement Intelligence Report

Several macro changes in the dynamics of overall Engineering Components as well as Clevis & Pins procurement trends are poised to change the business practices and procurement thumb rules. Customers are expecting service and experience levels which are at par with what ecommerce and consumer sectors of today offer. Moreover, competition keeps intensifying and demand and supply dynamics keep shifting.

Procurement costs for Clevis & Pins are highly impacted by an increase in the costs associated with the value chain of Clevis & Pins, such as logistics, labor cost and energy. Additionally, outdated assets are also increasing the cost for suppliers.

Volatility in the prices of key inputs is creating multiple issues that impact procurement within Clevis & Pins category such as benchmarking and budgeting of the procurement costs.

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 Clevis & Pins. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Buyers should engage with suppliers that have adopted a global delivery model as it reduces buyers' risk. In this model, any disaster/emergency at any operating facility of supplier will result in the work being transferred to a different facility, thereby ensuring continuity of the project and reduced risk for buyers. This model also provides buyers access to skilled labor from across the globe, thereby improving the quality of engineering products provided by the supplier.

Buyers should engage with suppliers that repurchase used products at fair market value. This assists buyers to dispose of used products in a convenient manner. Also, during such repurchases, suppliers provide credits to buyers for future purchases. This reduces overall procurement costs for buyers.

Buyers need to evaluate the in-depth expertise of suppliers in the Clevis & Pins 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.

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