Geological Exploration Services | Suppliers | Pricing Trends , Best Practices

Strategic Sourcing Guide to Geological Exploration Services Procurement

Overview

Business practices within Geological Exploration Services 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 Geological Exploration Services, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

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.

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

Geological Exploration Services Procurement Best Practices

The report discusses in detail the best practices that have served well the category managers responsible for Geological Exploration Services procurement.

For example, Buyers should set a baseline against which the performance of suppliers can be benchmarked along with setting measurable/quantifiable KPIs. Defined KPIs provides suppliers with clarity on the scope. Besides setting standards for operations, pricing, and performance, KPIs must provide tangible goals in terms of the quality of solutions.

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 Geological Exploration Services.

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.

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Risks in Geological Exploration Services procurement

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

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
When requirements of the buyers are not absolutely clear or usage patterns are not stable or predictable, suppliers often build in \"cost buffers\" for unforeseen risks due to a lack of complete understanding on buyer's requirements. This increases the risk of overspending on Geological Exploration Services
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

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Who should read this report

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

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

Geological Exploration Services Category Insights: What is inside

The Geological Exploration 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 Geological Exploration 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 Geological Exploration 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 Geological Exploration 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 Geological Exploration 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.

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 Geological Exploration 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.