Knife Blades Market Procurement Intelligence Report

The market for Engineering Components and its sub-segments such as Knife Blades are at an interesting intersection. 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.

Volatility in the prices of key inputs is creating multiple issues that impact procurement within Knife Blades category such as benchmarking and budgeting of the procurement costs.

Suppliers are under an enhanced pressure to offer greater quality, options that suit unique requirements and overall experience of the customer stakeholders involved.

Trends like these and many others discussed in this report are necessitating a relook at the way Knife Blades is procured and the procurement cost saving opportunities that exist.

As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Knife Blades category procurement. The report offers a succinct analysis of Knife Blades procurement best practices.

For example, Strong R&D focus is the sign of a supplier committed to enhancing the quality and cost proposition of its solutions. Buyers should collaborate with such suppliers for development of low-cost but highly efficiency products that can bring their OPEX down.

Buyers should engage with suppliers that have recycling capability. Recycling capability of the suppliers will lower their production costs which will be passed on to buyers. Additionally, the recycling capability will contribute in furthering the sustainability goals of the buyers' organization.

Buyers should engage with suppliers that repurchase used products at fair market value. This assists buyers to dispose of used products in a convenient manner. Also, during such repurchases, suppliers provide credits to buyers for future purchases. This reduces overall procurement costs for buyers.

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

• With high adoption of lean manufacturing, the smallest of changes in the supply chain activities lead to huge losses. For instance, cargo theft, flight delays, and quality control issues leads to significant losses to both the suppliers and buyers in the category
• 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
• With changing technologies, the manufacturing, packaging and labelling requirements have become more stringent than ever across geographies globally. RFID tags, temperature sensors, and barcode scanners, have become common requirements across the category. There is also an increase in the adoption of technologies such as AI and IoT. Therefore, suppliers incur excessive costs to keep upgrading their technology and to ensure maintenance of these technologies across various stages of the product category

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