Parking Charges | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Parking Charges Procurement

Overview

The market for Business Travel and its sub-segments such as Parking Charges are at an interesting intersection. Consumer markets are underpinned with apps and websites that offer a very friendly experience for bookings and cancellations - an experience that has not yet crossed over to the corporate segments. As executives grow more accustomed to self-planning and self-booking in their personal lives, they expect similar convenience in their business lives as well. In the absence of right tools and technologies, a lot of friction can be generated between employees looking for convenience and travel departments looking to enforce rules and policies.

To simplify the corporate travel and events process and enhance the end-to-end experience of users, suppliers are innovating with tools that aggregate the multiple fragments of this process such as booking, management of disruptions, customer service and spend within a single interface.

With regional and national boundaries blurring in today's corporate world, companies increasingly find themselves with a latent need to bring together geographically distant teams, customers and stakeholders. Therefore, the demand outlook for Parking Charges is expected to remain strong.

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

Parking Charges Procurement Best Practices

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 Parking Charges category procurement. The report offers a succinct analysis of Parking Charges procurement best practices.

For example, Bundling of services allows buyers to mitigate the risks involved in managing multiple stakeholders for various aspects of travel and event management. It also offers buyers spend visibility and allows them to negotiate for better pricing during the procurement of services.

Large organizations seek engagement with global category suppliers. However, they must try to achieve the right blend of regional and global suppliers in order to ensure availability of management services at locations where global players do not have necessary capabilities.

Investing in benchmarking studies help category managers enhance their knowledge about market pricing or billing rates based on job roles and functions. This allows them to not only save costs but also negotiate with suppliers. For example, while negotiating on rates of bundled services, buyers can save significantly on a single service by cross verifying the rates quoted by suppliers against industry benchmarks.

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Risks in Parking Charges procurement

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

Rise in fuel charges will lead to increase in logistics costs for travel management service providers. This could be passed on to buyers in the form of high service charges
When requirements of the buyers are not absolutely clear or usage patterns are not stable or predictable, suppliers often build in \"cost buffers\" for unforeseen risks due to a lack of complete understanding on buyer's requirements. This increases the risk of overspending on Parking Charges
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 Parking Charges 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 “Parking Charges: Procurement Report 101” as well as for category experts actively tracking the global Parking Charges procurement market.

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

Parking Charges Category Insights: What is inside

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