Ticketed Hospitality | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Ticketed Hospitality Procurement

Overview

Several macro changes in the dynamics of overall Business Travel Accommodation as well as Ticketed Hospitality procurement trends are poised to change the business practices and procurement thumb rules. To simplify the corporate travel and events process and enhance the end-to-end experience of users, suppliers are innovating with tools that aggregate the multiple fragments of this process such as booking, management of disruptions, customer service and spend within a single interface.

As costs rise, companies will be pushed towards finding better cost efficiencies in their travel and entertainment programs. Buyers are leveraging new management tools to analyze the costs using a Total cost of trip/event approach as against cost of an individual trip/event cost item. It is now also expected of suppliers to assess the cost effectiveness of any service they provide from a more holistic point of view.

In recent years, the market has witnessed a significant number of strategic collaborations, mergers, and acquisitions. Such developments have enabled the suppliers to expand their portfolio of offerings, geographic presence, and value chain. Moreover, suppliers have also gained access to new technologies and resources.

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

Ticketed Hospitality 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 Ticketed Hospitality. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Bundling of services allows buyers to mitigate the risks involved in managing multiple stakeholders for various aspects of travel and event management. It also offers buyers spend visibility and allows them to negotiate for better pricing during the procurement of services.

Buyers should seek collaboration with suppliers to identify demand patterns within the organization. This includes data sets for the time of booking, duration, and preference for time and days. Using such analysis, buyers can build a comprehensive corporate guideline and ensure that a specific set of service providers are used for services. Moreover, these data sets can be used to identify cost-saving opportunities.

Investing in benchmarking studies help category managers enhance their knowledge about market pricing or billing rates based on job roles and functions. This allows them to not only save costs but also negotiate with suppliers. For example, while negotiating on rates of bundled services, buyers can save significantly on a single service by cross verifying the rates quoted by suppliers against industry benchmarks.

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Risks in Ticketed Hospitality procurement

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

Outbreak of diseases or political unrest in certain parts of the world may lead to disruption of official travel plans for buyers
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
Service providers rely on fuel for the operation of various equipment during their operations. Fuel supply shortage or price fluctuations due to factors such as international political and economic events can increase the operating expense of category service providers. Service providers also susceptible to increase in indirect fuel surcharges from their vendors

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Who should read this report

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

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

Ticketed Hospitality Category Insights: What is inside

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