Tags | Suppliers | Pricing Trends , Best Practices

Strategic Sourcing Guide to Tags Procurement

Overview

Business practices within Tags market are heavily influenced by changing trends across the category as well as within the broader Warehousing and Storage market. Large global suppliers are entering into JVs and M&As with vendors that can provide them a solid footing for regional play.

Rise in minimum labor wages across countries such as the US and China will result in increased employee expenses for Tags suppliers who will be forced to pass on a part of this increase to their buyers.

Cyber security has emerged as a top priority within logistics and supply chain ecosystems. New accountability standards are emerging for the way suppliers and buyers collaborate and protect sensitive information and assets.

As a result, category managers need to closely monitor the Tags procurement trends and identify changes required in their procurement environment for the category.

Tags Procurement Best Practices

It has become imperative for category managers to remain as agile as possible in terms of their procurement practices. However, it is not always easy to quickly spot and implement alternative practices in a category like Tags. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Buyers need to discuss business goals and strategic imperatives with service providers to understand their mode of operation and establish control over important parameters of the supply chain.

Buyers should negotiate for administrative control over all technological systems that contain critical data. This will ensure 100% transparency and visibility over logistics operations. In addition, buyers should demand visibility across the entire supply chain using real-time metrics such as mobile and telematics systems.

Buyers should assess service providers' capability of predicting the weather, traffic, and other real-time information, which might affect shipments that are in transit or in its delivery times.

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Risks in Tags procurement

Tags procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Tags 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
The category is highly impacted by the global economic factors. Economic downturn and political upheaval, particularly in major international markets such as the US and China, results in huge uncertainties. Uncertainty in customer demand owing to changes in freight and shipping market from general economic fluctuations and decline in international freight demand negatively impact the category
Factors such as hurricanes, tornadoes, terrorist acts, diseases, and earthquakes quickly hamper the operations within the category. Such risks are unforeseeable and disrupt the whole supply chain leading to significant losses to both the buyers and suppliers

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Who should read this report

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

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

Tags Category Insights: What is inside

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