Figs Market Procurement Intelligence Report

A complete buyer's guide that provides comprehensive insights on Figs category spend, spend growth and regional segmentation; in-depth price trends; negotiation levers and analysis of Figs suppliers.

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This report on global Figs category is part of a larger series of reports on global Environmental Goods market. The scope of Environmental Goods spans multiple categories and is typically identified as a procurement category that includes all spend related to the provision of materials used for or procured from agricultural, horticultual and animal-related activities.

Key questions on L4 procurement answered by this report

Strategic Sourcing Guide to Figs Procurement

Overview

A changing ecosystem within the Environmental Goods market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Figs. Several structural changes including M&As and vertical integration efforts of suppliers are characterizing the broader market. Such strategic developments can erode the strength of previously established supplier relationships due to changed realities in the supplier's ecosystem. At the same time, buyers may also find opportunities to onboard new suppliers with a wider range of offerings or better contract terms for .

Several factors in the value chain of Figs, such as labor cost, logistics, and energy costs are driving up the procurement costs. Additionally, engagement of suppliers who are still operating with outdated assets, technologies and processes is also increasing the cost for buyers.

The global industry has seen a gradual increase in labor cost due to several factors, such as shortage of a trained workforce, increase in minimum wages, regulations around employee benefits and declining appeal for what have been traditionally called unskilled jobs. As the employee expenses increase, suppliers are compelled to pass some of this increase to their buyers by charging higher prices.

Figs Procurement Best Practices

Figs 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 Figs procurement strategy.

For example, Buyers can consider engaging suppliers that use advanced technologies such as automation, robotics, and lean manufacturing in their manufacturing process. The use of such technologies enables suppliers to control their OPEX and reduce TAT, which will help buyers avail volume-based discounts on category purchases.

Buyers should engage with suppliers that can repurchase the used products at fair market value or can offer recycling capability. This assists buyers to dispose of used products in a convenient manner and honor their sustainability practices. Also, suppliers provide credits to buyers for future purchases. This reduces overall procurement costs for buyers.

Buyers need to employ robust should-cost models and total cost of ownership models to aid Figs supplier selection and pricing negotiations.


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Risks in Figs procurement

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


  • The minimal infrastructure development for logistics in several parts of the world portrays a challenge for suppliers to maintain the standardization of logistics of materials
  • Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance
  • 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

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Who should read this report

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

     

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

Figs Category Insights: What is inside

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

Category Research Framework


SpendEdge presents a detailed picture of Figs 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.

Information Sources


Primary research
Secondary research
Procurement heads
Industry journals and reports
Category managers
Periodicals and new articles
Sourcing consortium professionals
Category webinars
Industry experts and thought leaders
Internal categiry playbooks
Procurement managers
Industry/government websites on regulations, compliance
Category heads of suppliers
Internal databases
Client account heads/managers
Industry blogs/thought leader briefings
Client and industry consultants

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