Formation Evaluation Services Category Procurement Intelligence Report

The report provides a comprehensive coverage on Formation Evaluation Services category spend growth and regional spend segmentation insights, Formation Evaluation Services price trends and Formation Evaluation Services supply market analysis.

This report on global Formation Evaluation Services category is part of a larger series of reports on global Technical Services market. The scope of Technical Services spans multiple categories and is typically identified as a procurement category that includes all spend related to technical services used to fill a skills gap for the defined subject areas where the service requirement includes delivery or implementation in a technical domain such as engineering, forensic and laboratory, preservation and technical development and design. Materials and consultancy are not part of this category unless the contract specifically provides for their inclusion.

Key questions on L4 procurement answered by this report

Strategic Sourcing Guide to Formation Evaluation Services Procurement

Overview

The market for Technical Services and its sub-segments such as Formation Evaluation Services are at an interesting intersection. 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.

Suppliers are increasingly offering a 'bundle' of services which is marketed as a cost saving option. The bundled offering often includes services that are not required by the buyer or are charged at a much higher rate than an A la carte option with another supplier.

Many suppliers are investing in automation technologies such as AI, robotics, machine learning and big data to optimize their business operations and offer new services to their customers. However, a part of this investment is also passed to buyers in the form of high prices being charged for value added services.

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

Formation Evaluation Services Procurement Best Practices

Formation Evaluation Services 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 Formation Evaluation Services procurement strategy.

For example, There are increased exposure risks of confidential data such as product and service information, operations, and customer information when engaging a third-party supplier. Buyers must engage with suppliers that use encryption technologies, password protection, access control solutions, and proper training schedules to prevent possible information breach.

Buyers should engage with service providers that provide AFA in their pricing as negotiating on an hourly basis can increase the procurement cost of buyers due to overruns within lawsuits. AFA also provides buyers with cost predictability, certainty, and transparency.

Adequate RFP response time should be built in for prospective suppliers to enable them understand the scope and performance requirements.


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Risks in Formation Evaluation Services procurement

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


  • Contract-related risks where unfavorable credit terms may severly penalize buyers for delayed payments or entitle the supplier to demand pre-payments or shorten the payment terms are not very common in the category but they do exist in certain situations where buyers' liquidity or financial health is in question
  • 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
  • Service providers depend on their personnel's expertise and business acumen to achieve high business growth. Competition for acquiring experienced professionals is extremely high in the market. They need to incorporate effective measures to retain talent as well as implement succession planning strategies

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Who should read this report

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

     

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

Formation Evaluation Services Category Insights: What is inside

  • A comprehensive drill down on category sourcing execution: Data, insights, advisory

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

  • Unrivalled breadth of category analysis: at your fingertips

    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
  • A lucid, easy to read format: Enabling fast decisions

    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 Formation Evaluation Services 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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