Copper rods and wires Market Procurement Intelligence Report

Business practices within Copper rods and wires market are heavily influenced by changing trends across the category as well as within the broader Engineering Materials market. 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.

Suppliers of Copper rods and wires are moving up the value chain - both organically as well as through M&As. Their portfolios are increasingly being diversified with the objective of offering integrated solutions that go beyond just Copper rods and wires. Even buyers are engaging vendors who can act as a one-stop solution provider across their geographic footprint. Such strategic engagements can help buyers with savings associated with economies of scale and management of a much smaller supplier base.

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 Additionally, outdated assets are also increasing the cost for suppliers.

As a result, category managers need to closely monitor the Copper rods and wires procurement trends and identify changes required in their procurement environment for the category.

Copper rods and wires 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 Copper rods and wires procurement strategy.

For example, Buyers need to evaluate the in-depth expertise of suppliers in the Copper rods and wires 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.

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 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.

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