Corporate training services refer to training programs conducted by service providers to improve the skill sets, knowledge, and productivity of the workplace of organizations. These programs are aligned to meet the targets and the set business goals. An effective training program comprises an identification of training needs, recognizing organizational objectives of training, framing action plans for training, implementing the action plan, and assessing the overall process. The corporate training market worldwide is highly fragmented due to low entry barriers for new entrants; thereby, providing buyers with an advantage of bargaining power. These training services help organizations focus on increasing their ROI by decreasing the development timelines of their workforce.
The Procurement Pain Point
It is noted that many companies in the pharmaceutical industry are facing challenges in transforming the procurement management system to be entirely strategic. This necessitated the need to gain a better understanding of the best practices for improving supplier relationships, price negotiation strategies, and integrating suppliers with the organizational goals. Furthermore, the client wanted to identify the key service providers who can manage programs on a global scale and also wanted to assess their ability to ensure adequacy of data security and services.
Procurement Insights Offered and the Outcome
To help the client gain a better understanding of the supply market in the global corporate training services market, we referred to a vast database of secondary resources including industry journals and reports, internal databases, industry blogs, and category webinars to understand the latest market trends, pricing models, and supplier engagement models. Our analysts also carried out detailed discussions with the category experts, procurement managers, client consultants, and client account heads to gain comprehensive insights on cost structure, cost-saving opportunities, and sourcing and procurement best practices. Furthermore, this study also helped us understand the short-term and long-term growth trajectories in the corporate training industry.
In a mere span of four weeks, the client was able to gain a clear understanding of the global corporate training market in terms of cost saving opportunities, price negotiation strategies, demand-supply shifts, and suppliers’ data security and service capabilities. This engagement also helped the client understand the procurement best practices and supply market landscape in terms of suppliers’ evaluation and selection criteria, cost breakup, and supplier positioning matrix. Furthermore, the study offered the client with an entirely strategic procurement management system and identification of key service providers.
This case study offers comprehensive information on how our procurement market intelligence solutions helped a global pharma company understand corporate training market.