Safety Training | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Safety Training Procurement

Overview

Development and Training market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Safety Training procurement and the cost they have to incur. Buyers that have multiple locations under management are increasingly opting for a single supplier who can deliver L&D services in a consistent manner across locations. Often global L&D suppliers are preferred in such cases.

Integration of the latest technology in learning requires significant investments and therefore procurement costs are expected to rise for learning modules based on advanced technologies. In the long run, buyers could see stable pricing as suppliers recover their technology cost.

Several important sectors of the global economy, such as BFSI, Healthcare and Manufacturing are facing serious shortage of adequately skilled workforce. Companies are trying to fill this gap by re-skilling their existing employees in new skills. Similarly, rapid penetration of new technologies across industries (e.g. big data, AI, blockchain, or even data analytics tools) is necessitating re-skilling of employees so that they understand and leverage these technologies to work more efficiently. These factors have improved the demand outlook for L&D services in developed economies and will soon impact the developing economies as well.

Safety Training 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 Safety Training procurement insights and hand picks best practices that can work for category managers delving in this market.

For example, Buyers must engage with service providers that offer bundled and unbundled services. Unbundling of services allows buyers to select the best-fit services as per organizational requirements. In addition, it allows buyers to outsource services such as content development and learning technologies to dedicated players that can offer cost-effective training services compared with traditional training service providers.

Buyers can collaborate with their suppliers based on a reward-sharing basis. This can be done by providing special recognition to them at the annual meetings of buyers for high performance or mentioning their brand name on own websites.

Buyers need to adopt renegotiation strategies with existing service providers to receive better quotes and discounts. Negotiation can take place based on the supplier's previous performance, performance of employees after the completion of L&D program or technology adoption by suppliers.

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Risks in Safety Training procurement

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

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
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
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 Safety Training

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Who should read this report

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

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

Safety Training Category Insights: What is inside

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