Splints | Intelligence Report | Procurement.Spendedge

Strategic Sourcing Guide to Splints Procurement

Overview

Several macro changes in the dynamics of overall Medical and Surgical Consumables as well as Splints procurement trends are poised to change the business practices and procurement thumb rules. Providers are increasing their adoption of new tools and technologies to optimize efficiencies and reduce the time taken to launch products in the market. This is adding to their OPEX and will have an inflationary impact on the overall price paid by the buyers.

New locations and vendors are emerging as cost effective suppliers of Splints, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

The growing need for highly skilled workforce specialized in Splints is driving suppliers to increase compensation for experience professionals to retain them. This is inflating their OPEX and causing increase in procurement costs.

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

Splints Procurement Best Practices

The report discusses in detail the best practices that have served well the category managers responsible for Splints procurement.

For example, Buyers should look to minimize the 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. Although these clauses are not very common in the category, suppliers may still insist on them, especially in situations where buyers' liquidity or financial health is in question.

It is important for category managers to track and measure the performance of suppliers against a set of defined KPIs that are agreed upon during the contract negotiation phase. The performance of suppliers can also be linked to a portion of their fee that can be paid upon rendering of services in a satisfactory manner.

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, 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.

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Risks in Splints procurement

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

Long credit period provided to buyers for making payment and fluctuating exchange rates pose a risk to suppliers. Default in payment by buyers would impact suppliers' ability to operate efficiently and may create a liquidity risk
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
Suppliers are exposed to the risk of fluctuating prices of key inputs. This impacts the product price as suppliers would have to increase product price to maintain contribution margins

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Who should read this report

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

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

Splints Category Insights: What is inside

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