SpendEdge’s procurement market intelligence reports are designed to help you create a competitive procurement services strategy for a holistic digital transformation.
ICT, Media and Entertainment Industry Overview
In an industry that is constantly changing, media and entertainment enterprises are facing the need to embrace new technologies. Inefficient spend management and difficulties in contract negotiation are some of the procurement challenges these companies face. With the increased need to improve cost savings, procurement managers must develop mature supply chain and risk management processes that are capable of rapid yet cost-effective adaptations. With an aim to enhance visibility across the supply chain, our sourcing and procurement market intelligence solutions identify key stakeholders, analyze the import and export scenario across key trading countries, and offer procurement market intelligence and category-specific insights that will help buyers make informed procurement decisions.
IT Hardware
With rapid technological advancements challenging the tried-and-true business models, IT hardware companies are facing the constant need for large capital investments, which demand new sourcing and procurement strategies to mitigate supply chain risks. With a detailed analysis of our clients’ requirements, we at SpendEdge identify supply chain risks and offer strategic insights that will help sourcing specialists save millions on direct and indirect spend. We also identify cost elements and develop a quantitative cost model that will help enterprises select efficient suppliers across various geographies.
IT Services
Though intense competition from the increasing number of tech companies poses a major threat to enterprises in the IT services sector, identifying able suppliers and reducing costs or improving cost savings continues to be a major challenge. By considering different weighted variables and identifying efficient suppliers in various categories, SpendEdge’s procurement market intelligence specialists offer actionable intelligence solutions that will help purchase decision makers minimize overall costs and reduce their supplier management costs.
Media
With constantly changing customer preferences and the emergence of innovative technologies, media and entertainment companies are faced with the constant need to source advanced technologies to gain a competitive edge over their rivals. By employing experts in the industry, we offer actionable procurement market intelligence insights that will help clients realize the risks involved in sourcing equipment from suppliers and identify cost-efficient procurement opportunities.
We gain access to all the latest industry news, supplier updates and innovation landscape too, in addition to the research reports. Our category managers used to go through large sets of information sources to track these news items. With the help of SpendEdge’s tool, we gain direct access to news articles that are only relevant to the procurement landscape, hence saving us a lot of time.
COVID-19 Impact on the ICT, Media and Entertainment Industries
The pandemic situation has adversely impacted shipments across ICT verticals, with most industry players forecasting a 5% to 30% impact on their yearly shipments. The software and services sector has seen a reduction in demand as buyers put their spend on hold. Communication service operations are also affected by the global lockdown and the consequent shortage of on-premises human resources. Indirect impacts on the global ICT industry include a reduction in demand and a shortage of human resources.
Sub-segments of the ICT ecosystem will need to navigate important changes and disruptions in the short term because of the deepening coronavirus impact. SpendEdge presents a quick dashboard that summarizes the impact on the ICT industry so far and what to expect in the global ICT ecosystem for the next 2-3 months.
The COVID-19 outbreak is having a substantial impact on the ICT industry. It has leading to a massive shutdown of equipment and raw material manufacturing units. Other impacts include the following:
However, this period has also brought new opportunities for the ICT industry, such as:
The overall ICT industry has seen a fall in demand as new spend has been frozen and budgets are being reprioritized to fight the global lockdown caused by the coronavirus. The situation is expected to continue for the next 2-to-3 months, and buyers will be wary to commit to big-ticket spend in a recession-like period.
There is a clear bottleneck in the supply of communication devices and IT hardware due to diminished production in China and the restriction of cross-border shipment movements. Even existing shipments are stranded at various locations scattered across the globe. Local distribution hubs are also facing massive transportation delays for outgoing and incoming shipments.
The overall ICT industry has seen a reduction in demand as new spend has been frozen and budgets are being reprioritized to fight the global lockdown caused by the coronavirus impact. The situation is expected to continue for the next 2-to-3 months, as buyers are wary about committing to large purchases during a recession-like period.
There is a clear bottleneck with respect to supply of communication devices and IT hardware due to diminished production in China, and restriction on cross-border shipment movements. Even existing shipments are stranded at various locations across the globe. Local distribution hubs are also facing massive transportation delays for outgoing as well as incoming shipments.
Develop relationships with vendors from countries that have a lower count of COVID-related cases or are still working in a relatively normal environment. However, buyers must also be aware of increased prices in these geographical regions due to increase in demand for various IT-based solutions.
It is not enough to only look at production centers: ICT buyers must evaluate logistics-related risks associated with the delivery of ICT essentials and develop a procurement strategy accordingly.
For ICT buyers, it can be beneficial to create a global procurement strategy to negate any bottlenecks associated with a specific geographical location. Such a step is recommended given the global lockdown scenario due to the coronavirus.
Buyers need to be up to date on global developments as well as country-specific trends. The lockdown situation can change suddenly in locations that are of importance from a supply chain perspective. Buyers also need to monitor emerging success case studies and learn from them.
Global commodity and energy prices are expected to behave in a very volatile manner for some time. Companies that spend significantly on commodities and energy items as key inputs need to re-engage their suppliers and explore mechanisms to safeguard against increases in pricing. It is advisable to fix the short-term procurement price or at least keep a maximum limit on upward price movements.
Supply chain disruptions have created logjams at cargo hubs and warehouse facilities. It is expected that shipments will remain stuck at various places for an unknown duration and massive delays will occur in the entire supply chain. It is imperative that software solutions being used for supply chain management, inventory, warehousing, and shipment tracking are updated regularly. Complete visibility and accurate communication in the supply chain is important for drawing alternative plans and minimizing the loss of shipments in transit.
SpendEdge helps our clients exit, stage left, towards digital transformation and technological innovations.
Featured
Services Overview
Category Market Intelligence
Supply Market Analysis
Low-Cost/Best-Cost Country Sourcing
Benchmarking
Spend Analysis
Cost Modeling and Should-Cost Analysis
Total Cost of Ownership (TCO) Analysis
Supplier Risk Analysis
Supply Chain Risk Assessment
Supplier Sustainability Assessment
Commodity Price Forecasting
Category Management
Supplier Negotiations
Contract Management
Purchase Ready-to-use Reports
Our Robust Procurement Platform
Suppliers and Buyers Marketplace
Industries Overview
Automotive and Tire
Banking, Financial Services and Insurance
Biotechnology, Pharmaceutical and Life Sciences
Chemicals
Energy
Food and Beverage
Industrial and Manufacturing
ICT, Media and Entertainment
Mining, Metals and Minerals
Retail and CPG
Transportation
Resources Overview
Blogs
Case Studies
Whitepapers
Webinars
Press Releases and Media Mentions
Transitioning your category procurement strategy beyond cost-saving and into a strategic function of the organization.
Over recent years, there have been various industry developments that served as or caused trends in procurement. These procurement trends include technology changes, novel strategic approaches, new processes, and necessary adaptations to change. As supply chains become increasingly complex, procurement has become highly crucial and influential in the production process and continues to grow.
Technology, procurement, sourcing, and innovation have transformed industry significantly, and companies are struggling to keep pace with the new expectations, standards, and stipulations within the market. As the pharmaceutical industry continues to rapidly grow, companies must leverage sustainable, data-driven, and robust procurement strategies to overcome risks, optimize supplier performance, reduce costs, and increase efficiency. SpendEdge helps businesses develop and leverage unparalleled procurement strategies to gain and maintain a competitive edge, high profitability, increasing efficiency, and reduced costs.
Download our latest whitepaper now to understand more on supply chain trends and best practices to be resilient.
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