Lubricating Equipment | Suppliers | Pricing Trends , Best Practices

Strategic Sourcing Guide to Lubricating Equipment Procurement

Overview

Several macro changes in the dynamics of overall Purchase as well as Lubricating Equipment procurement trends are poised to change the business practices and procurement thumb rules. Increased availability of options both in terms of suppliers and new propositions from suppliers is also influencing the procurement trends for Lubricating Equipment and improving leverage for buyers in some cases.

With fuel prices going up in many geographies, category managers are under tremendous pressure to compensate by achieving a higher cost saving in procurement of Lubricating Equipment.

Telematics has found excellent adoption rates the world over and its adoption is only expected to grow more. This is creating challenges for category managers in aligning the specifications to the use of preferred telematics solutions as well as extending procurement activities to this new but still less understood category of products and services.

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

Lubricating Equipment Procurement Best Practices

Lubricating Equipment procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Lubricating Equipment procurement strategy.

For example, Buyers should engage with service providers that utilize technologies to generate reports with respect to fleet condition and services delivered.

Buyers should always ensure that the price quoted by a service provider includes all other charges such as VAT, disposition fees, interest rates, and other taxes charged by suppliers. A detailed fee structure helps buyers save significant costs and helps to compare suppliers in an efficient way.

Instead of customarily fixing the contract length to one or two years, buyers should determine the contract length based on market conditions and their likely impact on cost in future.

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Risks in Lubricating Equipment procurement

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

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
Improper maintenance of vehicles increases operational costs and it is done on regular basis. Continuous exposure of vehicles to heat, air, and moisture leads to oil degradation resulting in improper functioning of vehicles
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

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Who should read this report

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

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

Lubricating Equipment Category Insights: What is inside

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

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

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?”

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Category Research Framework

SpendEdge presents a detailed picture of Lubricating Equipment 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.