The report provides a comprehensive coverage on Geophysical Services category spend growth and regional spend segmentation insights, Geophysical Services price trends and Geophysical Services supply market analysis.
GET FREE SAMPLEEcosystem of the global Geophysical Services category is intertwined with the larger parent market of Technical Services. Our category definition describes that overall Technical Services market 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.
Several macro changes in the dynamics of overall Technical Services as well as Geophysical Services procurement trends are poised to change the business practices and procurement thumb rules. 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. New locations and vendors are emerging as cost effective suppliers of Geophysical Services, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers. 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. Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.
Sometimes, procurement functions are unable to timely alter their practices while responding to market conditions. Industry experts acknowledge that periodically reviewing procurement best practices and adopting learnings from across procurement categories can help procurement teams respond to market needs in a more agile way. This report combines our experience of other categories with Geophysical Services procurement insights and hand picks best practices that can work for category managers delving in this market. For example, Buyers should engage suppliers that can provide services customized for their industry. Though most suppliers offer services across various industries, category managers should ensure that services can be customized and negotiate on pricing based on the level of required customization. Category managers must ensure that they have clearly identified and listed down potential negotiation levers to maximize the value of their category spend before entering into contract-related discussions with service providers. Common negotiation levers to maximize value include deadlines, terms related to payments, (including fees, expenses, and payment timelines) and assistance required from the buyer's organization. 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 Geophysical Services.
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Geophysical Services procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Geophysical Services procurement. Some examples include:
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The report is intended to serve as a one-stop reference guide for Geophysical 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 “Geophysical Services: Procurement Report 101” as well as for category experts actively tracking the global Geophysical Services procurement market.
You may have just initiated your research to design a winning Geophysical 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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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 Geophysical 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:
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The Geophysical 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.
A key highlight of this report is the in-depth outlook created on Geophysical 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 Geophysical Services. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.
Along with specific category and supplier intelligence, the publication also includes curated insights on Geophysical 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.
Additionally, the report also advises on the best practices and strategies to manage the Geophysical 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.
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?”
SpendEdge presents a detailed picture of Geophysical 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.
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