Drafting Category Procurement Intelligence Report

Business practices within Drafting market are heavily influenced by changing trends across the category as well as within the broader Technical Services market. New locations and vendors are emerging as cost effective suppliers of Drafting, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

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 Drafting 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.

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

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 Drafting category procurement. The report offers a succinct analysis of Drafting procurement best practices.

For example, Investing in benchmarking studies help category managers improve their knowledge on market pricing or billing rates of suppliers by job role and function. This also allows them to save costs as well as negotiate better with service providers.

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 Drafting.

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

• 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
• Procurement without consulting the actual users of Drafting may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed

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