Stranded Wire | Intelligence Report | Procurement.Spendedge

Strategic Sourcing Guide to Stranded Wire Procurement

Overview

A changing ecosystem within the Construction Supplies market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Stranded Wire. To attract investment and drive long-term value, suppliers are building unique business models and implementing corporate social responsibility (CSR) initiatives and stakeholder engagement programs. Such strategic initiatives are pivotal to acquire a social license to operate, generate consumer awareness, and have easy access to input commodities.

Fluctuation in prices of construction materials has made it difficult for project contractors to maintain a steady cost projection on construction projects. Also, the risks associated with project cost overruns are contributing to project delays and abandonment. Procurement functions are more careful while drawing up supplier contracts and insulating their projects from price uncertainties to the extent possible on negotiation tables.

Over the years, regional boundaries have blurred as suppliers foray into different continents, increase their capital expenditure and spend on cross-border M&A initiatives. The deployment of geographic diversification strategies through such consolidation initiatives has enabled the large suppliers to improve their performance and expand their business footprint.

Stranded Wire 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 Stranded Wire category procurement. The report offers a succinct analysis of Stranded Wire procurement best practices.

For example, Service providers may outsource certain aspects of the project if they lack the required expertise or to expedite the project progress. If the subcontractor is not covered by a reliable liability insurance or does not abide by the same terms and conditions that were laid down for the main contractors, then it can hinder the main contractor's ability to perform its services. It may also entangle the buyers in legal complications and negative publicity.

Buyers should prefer working with suppliers who can bring in specialized solutions for their specific industries to ensure comprehensive delivery of construction related services to buyers.

Large firms should prefer to engage in long-term contracts with a preferred set of suppliers that can provide integrated solutions for all scales of projects (small, mid-sized, or large). Partnerships with preferred service providers lead to category-level innovations and enable buyers to avail customized services.

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Risks in Stranded Wire procurement

Stranded Wire procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Stranded Wire 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
Construction projects are exposed to different types of political and regulatory risks depending on the project lifecycle stage, for example, delayed construction permits, community opposition during the planning and construction phases, expropriation and changes to asset-specific regulations, tightened decommissioning requirements and non-renewal of licenses at the end of a contract
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

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Who should read this report

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

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

Stranded Wire Category Insights: What is inside

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