Ice Makers Market Procurement Intelligence Report

Several macro changes in the dynamics of overall Engineering Components as well as Ice Makers procurement trends are poised to change the business practices and procurement thumb rules. Suppliers of Ice Makers are moving up the value chain - both organically as well as through M&As. Their portfolios are increasingly being diversified with the objective of offering integrated solutions that go beyond just Ice Makers. Even buyers are engaging vendors who can act as a one-stop solution provider across their geographic footprint. Such strategic engagements can help buyers with savings associated with economies of scale and management of a much smaller supplier base.

Markets across the globe are reeling under shortage of professionals and workforce that have relevant skills and training. Minimum wages and stringent regulations are compelling suppliers to increase their employee expenses which are expected to have an inflationary impact on buyers' procurement cost.

Regulatory guidance on data protection and increasing concern over cybersecurity have increased the costs for suppliers as they incur additional spend on compliance and security. These additional costs have a potential to drive marginal increase in prices across the key geographies.

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

It has become imperative for category managers to remain as agile as possible in terms of their procurement practices. However, it is not always easy to quickly spot and implement alternative practices in a category like Ice Makers. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Buyers should assess the level of adoption of the latest technologies by suppliers to assess cost-saving opportunities and quality that can be provided by the latter. For instance, the adoption of technologies such as cloud computing will enable suppliers to reduce their internal computing hardware requirements for operations such as CAD and CAM. This can, in turn, enable them to reduce their operating costs, thereby suppliers can offer products at lower rates to buyers.

Buyers must have a clear understanding of the subcontracting policies, if any, of Ice Makers suppliers. Factors such as cost incurred, service quality, adherence to timelines, and regulatory compliance of subcontractors employed by suppliers should be carefully assessed prior to engagement.

Buyers need to evaluate the in-depth expertise of suppliers in the Ice Makers industry. This can be assessed by considering factors such as the years of experience, number of resources that have multi-year experience of working in the same industry and at least 3 to 5 credentials for the supplier.

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