Temperature Measurement Instrumentation Market Procurement Intelligence Report

A changing ecosystem within the Engineering Products and Equipment market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Temperature Measurement Instrumentation. Volatility in the prices of key inputs is creating multiple issues that impact procurement within Temperature Measurement Instrumentation category such as benchmarking and budgeting of the procurement costs.

Suppliers are continuously taking efforts to improve efficiencies and productivity and deploying processes and technologies. Some of these investments are likely to increase their costs in the shorter term, but learnings from other sectors keep the suppliers optimistic about a lean cost structure in the longer run.

Suppliers of Temperature Measurement Instrumentation are moving up the value chain - both organically as well as through M&As. Their portfolios are increasingly being diversified with the objective of offering integrated solutions that go beyond just Temperature Measurement Instrumentation. Even buyers are engaging vendors who can act as a one-stop solution provider across their geographic footprint. Such strategic engagements can help buyers with savings associated with economies of scale and management of a much smaller supplier base.

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

For example, Buyers should engage with suppliers that have adopted a global delivery model as it reduces buyers' risk. In this model, any disaster/emergency at any operating facility of supplier will result in the work being transferred to a different facility, thereby ensuring continuity of the project and reduced risk for buyers. This model also provides buyers access to skilled labor from across the globe, thereby improving the quality of engineering products provided by the supplier.

Buyers need to evaluate the in-depth expertise of suppliers in the Temperature Measurement Instrumentation industry. This can be assessed by considering factors such as the years of experience, number of resources that have multi-year experience of working in the same industry and at least 3 to 5 credentials for the supplier.

Buyers should invest in benchmarking studies that help category managers to improve their knowledge on market pricing or billing rates of service providers. This helps them to not only save costs but also increase their negotiation power.

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