Electric Sensors | Intelligence Report

Strategic Sourcing Guide to Electric Sensors Procurement

Overview

The market for End User Software and Hardware and its sub-segments such as Electric Sensors are at an interesting intersection. Buyers are showing an inclination to onboard suppliers whose offerings span beyond Electric Sensors. The practice brings in several advantages such as rationalization of supplier base, economies of scale and reduced category management cost.

The cut-throat competition in the category is compelling suppliers to go aggressive on their pricing structure and increase their spend on sales and marketing activities. As a result, most suppliers are feeling a pressure on their margins and trying to offer higher margin value added services to have a better control on their profitability.

In a bid to differentiate themselves in an overcrowded technology space, suppliers are now focusing on creating industry-specific specialized products. Buyers see this trend as an opportunity to procure more targeted solutions and are developing internal capabilities to identify and leverage innovations in the supplier base.

Trends like these and many others discussed in this report are necessitating a relook at the way Electric Sensors is procured and the procurement cost saving opportunities that exist.

Electric Sensors Procurement Best Practices

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

For example, Developing a strong understanding of the potential vulnerabilities of service providers can help buyers limit their potential losses and also gives the bargaining power to demand services from more robust measures in the SLA.

Buyers should ask for a detailed account of the data protection capabilities of the supplier. In addition, buyers should also enquire regarding the redundancies available during instances of outages or disruptions. While some providers can provide backup, others may have limited capabilities in hardware redundancy.

Needs of buyers can vary depending on the industry where buyers operate. For instance, buyers from the financial services industry give high importance to regulatory compliance and data security, whereas buyers from the e-commerce industry prioritize high throughput, low response time, and high scalability. Hence, service providers with a strong knowledge of the security, compliance, and governance needs of buyers' industries and a proven track record of performance with respect to these aspects should be prioritized.

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Risks in Electric Sensors procurement

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

An increase in the integration of IT systems is amplifying the risk of cyberattacks and theft of sensitive data
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
Natural disasters can sometimes impact the entire industry to a significant extent and disrupt supply chains. For example, during the floods that ravaged Thailand in 2011, many electronic manufacturing facilities were flooded and the prices of peripherals shot up by more than 100%

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Who should read this report

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

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

Electric Sensors Category Insights: What is inside

The Electric Sensors 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 Electric Sensors procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Electric Sensors. 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 Electric Sensors 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 Electric Sensors 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 Electric Sensors 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.