Virtual Tape | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Virtual Tape Procurement

Overview

A changing ecosystem within the Specialist Software and Hardware market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Virtual Tape. The ecosystem of Virtual Tape is part of an industry which is developing a host of new transformative technologies. Billions of dollars are being invested into this industry, and companies are in cutthroat competition to discover the next game changing technology, hardware, software, and services.

Stringency in the regulatory norms pertaining to data protection and cybersecurity has increased compliance and security burden on suppliers. These additional costs have a potential to drive marginal increase in prices across the key geographies.

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

Virtual Tape Procurement Best Practices

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

For example, Prior to the commencement of contract-related discussions, buyers must ensure that they have clearly identified and listed down potential levers, such as duration of contract, resources required, space limits if relevant, terms of payment, expected resolution time, delivery point.

Buyers should ask for a detailed account of the data protection capabilities of the supplier. In addition, buyers should also enquire regarding the redundancies available during instances of outages or disruptions. While some providers can provide backup, others may have limited capabilities in hardware redundancy.

Category managers must explore opportunities to integrate planning and management activities using analytics to gain better control over category spend. This will also allow them to consolidate supply base easily as well as segment service providers depending on requirements and spend on each service provider.

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Risks in Virtual Tape procurement

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

An increase in the integration of IT systems is amplifying the risk of cyberattacks and theft of sensitive data
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
Privacy regulations regarding the information gathered, used, and exchanged by service providers vary across regions. This increases the risk of non-compliance, which can lead to the payment of hefty fines and penalties

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Who should read this report

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

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

Virtual Tape Category Insights: What is inside

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