Commodity Price Forecasting Services | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Commodity Price Forecasting Services Procurement

Overview

Financial market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Commodity Price Forecasting Services procurement and the cost they have to incur. Suppliers are introducing self-service tools such as virtual agents in their customer service ecosystem to reduce the time and costs incurred by customers to resolve an issue.

More and more buyers of Commodity Price Forecasting Services are looking to engage suppliers who adhere to lean principles of business operations in a bid to receive services and resources that are highly optimized and insulates in part from cost overruns.

Many suppliers are investing in automation technologies such as AI, robotics, machine learning and big data to optimize their business operations and offer new services to their customers. However, a part of this investment is also passed to buyers in the form of high prices being charged for value added services.

Commodity Price Forecasting Services 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 Commodity Price Forecasting Services. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Buyers should set a baseline against which the performance of suppliers can be benchmarked along with setting measurable/quantifiable KPIs. Defined KPIs provides suppliers with clarity on the scope. Besides setting standards for operations, pricing, and performance, KPIs must provide tangible goals in terms of the quality of solutions.

Category managers must ensure that they have clearly identified and listed down potential negotiation levers to maximize the value of their category spend before entering into contract-related discussions with service providers. Common negotiation levers to maximize value include deadlines, terms related to payments, (including fees, expenses, and payment timelines) and assistance required from the buyer's organization.

Cost saving opportunities may reduce exponentially in relation to the time left for current contract to expire or required timeline to start the engagement. Therefore sufficient interval should exist between initation of new procurement and expected start date of the new contract for Commodity Price Forecasting Services.

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Risks in Commodity Price Forecasting Services procurement

Commodity Price Forecasting Services procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Commodity Price Forecasting Services procurement. Some examples include:

Procurement without consulting the actual users of Commodity Price Forecasting Services may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed
Service providers are subject to E&O claims, due to the failure to correctly offer professional services as agreed in the contract. If such claims made by the client are found to be true, then they can result in financial penalties
Service providers rely on complex information systems to deliver their services, some of which might be outsourced. These systems are susceptible to virus attacks and security breaches. In the case of a loss of proprietary information or confidential information of the client's firm, service providers can become liable to pay hefty penalties

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Who should read this report

The report is intended to serve as a one-stop reference guide for Commodity Price Forecasting 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 “Commodity Price Forecasting Services: Procurement Report 101” as well as for category experts actively tracking the global Commodity Price Forecasting Services procurement market.

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

Commodity Price Forecasting Services Category Insights: What is inside

A comprehensive drill down on category sourcing execution: Data, insights, advisory

The Commodity Price Forecasting 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 Commodity Price Forecasting 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 Commodity Price Forecasting 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 Commodity Price Forecasting 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 Commodity Price Forecasting 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.
Unrivalled breadth of category analysis: at your fingertips
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
A lucid, easy to read format: Enabling fast decisions

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 Commodity Price Forecasting 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.