A purchasing guide for Railcard – rich advisory on spend outlook in Railcard, pricing analysis for Railcard procurement cost benchmarking, negotiation strategies and key vendors of Railcard.
Ecosystem of the global Railcard category is intertwined with the larger parent market of Business Travel. Our category definition describes that overall Business Travel market includes all spend directly related to the movement of staff, vendors or clients on business travel across all modes of transport.
Several macro changes in the dynamics of overall Business Travel as well as Railcard procurement trends are poised to change the business practices and procurement thumb rules. In recent years, the market has witnessed a significant number of strategic collaborations, mergers, and acquisitions. Such developments have enabled the suppliers to expand their portfolio of offerings, geographic presence, and value chain. Moreover, suppliers have also gained access to new technologies and resources. The availability of advanced technologies has prompted travel and event service suppliers to heavily invest in them to improve efficiencies and customer experience. However, most have learnt that technology alone is not a replacement for the human touch when it comes to customer service. As a result, suppliers are spending on both counts - technology and customer service staff. Till the time a formula for perfect balance between the two is discovered, buyers should expect to bear some of this increased OPEX of suppliers. 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 Railcard is expected to remain strong. Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.
Railcard 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 Railcard procurement strategy. For example, Buyers should incentivize employees that select cost-effective options by providing them with rewards at the end of the year based on the total cost-savings earned. Incentives can be in the form of free upgrades on airlines, hotels, and car rentals. Category buyers should invite bids from all potential service providers that have the ability to meet the overall requirements. Bids must be evaluated based on pre-defined parameters such as financial strength, reputation, service offerings, geographical presence, and track record. Buyers can use standard scorecards to evaluate service providers and provide necessary feedback to rationalize the given scores. This helps in the effective documentation of decision-making processes. Engage with suppliers that use technologies, such as SMMPs and holograms, to enable buyers to track expenditure and save on travel costs. This will significantly reduce overheads for buyers.
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Railcard procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Railcard procurement. Some examples include:
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The report is intended to serve as a one-stop reference guide for Railcard 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 “Railcard: Procurement Report 101” as well as for category experts actively tracking the global Railcard procurement market.
You may have just initiated your research to design a winning Railcard 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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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 Railcard 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:
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The Railcard 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.
A key highlight of this report is the in-depth outlook created on Railcard procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Railcard. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.
Along with specific category and supplier intelligence, the publication also includes curated insights on Railcard 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.
Additionally, the report also advises on the best practices and strategies to manage the Railcard 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.
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?”
SpendEdge presents a detailed picture of Railcard 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.