Events Management Service Market Procurement Intelligence Report

Promotion market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Events Management Service procurement and the cost they have to incur. In recent years, the market has witnessed a significant number of strategic collaborations, mergers, and acquisitions. Such developments have enabled the suppliers to expand their portfolio of offerings, geographic presence, and value chain. Moreover, suppliers have also gained access to new technologies and resources.

An intense competition in the supply market owing to new entrants is expected to provide more procurement options to buyers for Events Management Service and offer significant negotiation leverage.

Rising cost of workforce possessing core skill sets is expected to offset some of the cost savings that suppliers are expecting through implementation of lean and technology-based operations.

Events Management Service 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 Events Management Service procurement strategy.

For example, It is customary for service provider to charge buyers on a project basis. The project costs are often based on payroll costs incurred by service providers on the various levels of personnel involved in the project. In a bid to derive higher profits, service providers may allocate more senior staff than required. Therefore, buyers must scrutinize the staffing needs of the project and limit the presence of senior staff to not more than 30% of the total allocated staff. This, in turn, providers buyers' advantages such as enhanced cost savings, streamlined execution, and faster delivery time.

Service providers often hire subcontractors to assist in certain aspects of a project. Buyers must ensure that subcontractors are bound by the same terms and conditions that main service providers adhere to. Buyers should also ensure that the project budget does not exceed while negotiating with subcontractors.

Buyers should engage in long-term contracts with service providers to gain value additions and other benefits. Engaging in long-term contracts reduces the total cost of ownership, for buyers, for the service delivered.

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