Invention Marketing Services Market Procurement Intelligence Report

A buying guide for Invention Marketing Services category – enriched with research on Invention Marketing Services procurement spend patterns, Invention Marketing Services pricing intelligence, market dynamics and top suppliers of Invention Marketing Services.

Ecosystem of the global Invention Marketing Services category is intertwined with the larger parent market of Business and Commercial Services. Our category definition describes that overall Business and Commercial Services market includes all spend related to the provision of business and commercial services used to fill a skills gap related to delivery or implementation of tasks. Materials and consultancy are not part of the category, unless the contract specifically provides for their inclusion.

Key questions on L4 procurement answered by this report

Strategic Sourcing Guide to Invention Marketing Services Procurement

Overview

Business practices within Invention Marketing Services market are heavily influenced by changing trends across the category as well as within the broader Business and Commercial Services market. New locations and vendors are emerging as cost effective suppliers of Invention Marketing Services, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

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.

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

Invention Marketing Services Procurement Best 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 Invention Marketing 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.

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.


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Risks in Invention Marketing Services procurement

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


  • 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
  • Service providers are subject to E&O claims, due to the failure to correctly offer professional services as agreed in the contract. If such claims made by the client are found to be true, then they can result in financial penalties
  • 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

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Who should read this report

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

     

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

Invention Marketing Services Category Insights: What is inside

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

    The Invention Marketing 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 Invention Marketing 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 Invention Marketing 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 Invention Marketing 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 Invention Marketing 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 Invention Marketing 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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