Workforce Analytics | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Workforce Analytics Procurement

Overview

Business practices within Workforce Analytics market are heavily influenced by changing trends across the category as well as within the broader HR Services market. With the influx of millennials in the workforce and increasing diversity at the workplace, companies are struggling to design pay and benefits processes that are uniformly relevant for the lifestyles of such diverse groups.

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

Suppliers are increasingly offering a 'bundle' of services which is marketed as a cost saving option. The bundled offering often includes services that are not required by the buyer or are charged at a much higher rate than an A la carte option with another supplier.

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

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

For example, Employees prefer flexibility and have customized requirements when it comes to choosing or accessing the benefits/services available to them. Service providers must also develop flexible plans and administration processes that can cater to unique demands of an increasingly diversified workforce.

Employers are focusing on providing employee-friendly interfaces (such as mobile-enabled services and web portals) to access and manage benefits and options available to employees. Suppliers who have the technical capabilities to seamlessly integrate with the employer's internal systems without comprising the data protection should be preferred.

Buyers should promote competitive bidding scenarios and supplier competition to gain cost and value benefits. Bids should be invited from a substantial pool of service providers that can meet their requirements.

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Risks in Workforce Analytics procurement

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

To provide good quality services and solve issues, service providers must have highly skilled and experienced employees. Inability to attract and retain talented employees will impact their competitiveness and relevancy in the market
Service providers sometimes rely on third-party vendors for software and technologies and this can lead to increased dependence on these vendors. The services they provide may be disrupted, if they are unable to timely renew contracts with such vendors
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

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Who should read this report

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

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

Workforce Analytics Category Insights: What is inside

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