PRESS RELEASE

Best Procurement Practices, Strategies, and Market Intelligence Study on the Consulting Sector

May 18, 2017

The latest procurement market intelligence study by SpendEdge on the consulting sector helps companies in the pharmaceutical and healthcare industries to gain comprehensive insights into the supply market, strategic sourcing, pricing, and procurement strategies specific to the consulting category.

Understanding the consulting industry

Consulting services have taken over the healthcare market by storm. The ever-changing market dynamics, outsourcing trends, and price levels require the consultancy firms to offer a thorough understanding of the industry. With digitization striking every industry, the consulting services sector should develop agile transformation and adopt new delivery approaches to provide end-to-end customer experience, data visualization, and implement process automation. Some of the best practices trending in the healthcare and pharma sector revolve around category management tactics and recommendations based on category strategy implementation.

The increasing focus on technological developments and the introduction of artificial intelligence (AI), virtual reality (VR), and wearable technologies are revolutionizing the healthcare market. The need for consulting services is more than ever in the healthcare industry, and various firms are offering a wide range of specialty services to sustain the competition. Furthermore, the companies offering cloud services, compliance related consulting, and big data or data analytics consulting will attract more consumers in the global market.

Outsourcing opportunities to increase

The global trend of outsourcing various functionalities to offshore business units will increase the demand for consultancy services in the global market. Many businesses are outsourcing their functions to APAC as the region offers high technical and analytical skill personnel.  Labor cost savings, efficiency through business process redesign, and access to qualified employees are considered important parameters for global outsourcing.

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Multi-sourcing is the new way

The increasing competition is compelling companies to hire multiple consultancies on one project to promote better strategic decisions. Multi-sourcing designs business models through cloud data centers and pooled infrastructure that offers value, innovation, and flexibility to its customers. These projects benefit from well-informed decision making and specialized solutions offered by consultants that have specific niches.

What solutions SpendEdge offer to businesses

The team of procurement experts at SpendEdge provide a market intelligence study that meets requirements, specific to the needs of the business and also offer opportunity assessment of the consulting industry over the next few years. The solutions offered includes:

  • Market insights that follow a blended approach of primary and secondary research that are specific to the consulting category
  • Detailed data analysis and development of category-specific insights
  • Understand the different types of consulting services, including legal, quality, finance, and strategic consulting
  • Analysis of the global market that includes segments, trends, drivers, and challenges
  • Assessment of the current outsourcing trends, pricing models, procurement best practices, and strategies
  • Identify the current and future market opportunities

Read our complete case study titled – Procurement Market Intelligence Study on the Consulting Sector
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