Hard Wood Market Procurement Intelligence Report

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

Scope of the report

Our category grouping process defines that the overall Construction Supplies market includes all spend on construction equipment, materials and products relating to any build environment project where the supplies are procured directly by the client, excluding any service provider costs. Dynamics of the global Hard Wood market play out within this wider arena of Construction Supplies market. Therefore, our coverage of the Hard Wood category also operates within this broader boundary of the overall Construction Supplies market.

KEY PROCUREMENT INSIGHTS COVERED

Strategic Sourcing Guide to Hard Wood Procurement

Overview

Several macro changes in the dynamics of overall Construction Supplies as well as Hard Wood procurement trends are poised to change the business practices and procurement thumb rules. Construction activities and manufacturing of construction supplies are known to be a large source of emissions across the world. Regulatory and social pressures to keep emissions in check have transformed the way construction industry operates. Sustainable practices have penetrated the traditional business processes. There is an increasing demand for green buildings, low carbon concretes and other low emission construction aggregates and renewable energy solutions. All these factors are contributing to a significant change in the procurement standards and practices within the category.

Suppliers across the value chain are increasing their investments in technologies and incorporating systems integrated with IoT, AI, Big data, and data analytics to generate efficiencies and better serve the evolving demand patterns of buyers. This is expected to impact the cost structure of suppliers in the short-term but will help bring down the costs in longer run as suppliers recover the costs of current investment cycles.

To attract investment and drive long-term value, suppliers are building unique business models and implementing corporate social responsibility (CSR) initiatives and stakeholder engagement programs. Such strategic initiatives are pivotal to acquire a social license to operate, generate consumer awareness, and have easy access to input commodities.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.

Hard Wood Procurement Best Practices

The report discusses in detail the best practices that have served well the category managers responsible for Hard Wood procurement.

For example, Buyers should engage with service providers that offer a wide portfolio and can act as a one-stop solution provider for multifaceted requirements of projects. This enables buyers to save significant costs and increases their spend visibility.

Establishing strategic partnerships with suppliers allow category managers to enhance management and planning vision. By adopting a strategic engagement approach, buyers can optimize their category spend by streamlining the category management process. For instance, a risk/reward-sharing approach for construction management providers helps buyers to transfer ownership of projects to service providers.

Buyers must have a clear understanding of the sub-contracting policies of suppliers. Suppliers must be evaluated on factors such as price, quality, and regulatory compliance of their subcontractors before they are selected.


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Risks in Hard Wood procurement

Hard Wood procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Hard Wood 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
  • Construction projects are exposed to different types of political and regulatory risks depending on the project lifecycle stage, for example, delayed construction permits, community opposition during the planning and construction phases, expropriation and changes to asset-specific regulations, tightened decommissioning requirements and non-renewal of licenses at the end of a contract
  • 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

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Who should read 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!!

    You may have just initiated your research to design a winning Hard Wood procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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

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Key questions on Hard Wood procurement answered by this report

    The Hard Wood 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 Hard Wood market?
    • What is the correct price to pay for Hard Wood? What are the key trends and factors that influence current and future pricing?
    • Which selection criteria are the most important for Hard Wood Suppliers Market?
    • Who are the top Hard Wood suppliers? What are their cost structures?
    • What are supplier margins in Hard Wood market?
    • Which negotiation levers can reduce Hard Wood procurement cost ?
    • What are the best practices for Hard Wood 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!

Hard Wood Category Insights: What is inside

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

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