The recent procurement market intelligence study by SpendEdge on corporate training helps service providers to understand the demand-supply shifts, procurement best practices, and pricing model for the corporate training industry.
Trends in corporate services market
Corporate training is primarily designed to meet the business goals by enhancing the skill set of employees, increasing their productivity, and reducing operational costs. An effective training module identifies training needs, organizational objectives of training, designs action plans for training, implements the action plan, and evaluates the overall process. The service providers in the market are focusing on the development of innovative tools and techniques to attract more consumers and provide cost-effective solutions that can be easily adopted. Multi-location training needs are fueling the need for corporate training services in the market. The procurement market intelligence study by SpendEdge provides an in-depth analysis of the category essentials including supplier evaluation criteria, category risk analysis, service level agreement terms, and category sourcing evolution. The researchers also identify service providers that can manage training programs on a global scale and maintain consistency in quality across geographies and verticals.
The emergence of competency-based training is reducing the skill gap that is affecting operations across several industries. This new training method helps employees to demonstrate their skills, articulate their thoughts, and increase participation. The modules are designed to match the requirement for the employees with interactive assessments and improve the performance of the workforce. Competency-based training helps increase the productivity and monitors progress on a real-time basis to improve efficiency.
Blended-learning mixes the advantages of face-to-face teaching and e-learning, helping the companies design effective models that suit the business goals. These modules help to improve the learning performance, allows increased flexibility, and enables anytime anywhere learning. It tackles the issue of geographical barriers and caters to different learning styles of the employees. The method implements visual, auditory, and written components across many resources to engage the trainees and improve their performance.
Innovative training methods
The implementation of virtual reality (VR), augmented reality (AR), and mobile devices are helping the organization to save resources and cost on materials. AR and VR technologies enable the workforce to touch, feel, and experience the real scenario in a controlled environment, helping in the development of required skill sets. Mobile learning helps employees learn at their own pace from anywhere in the world. Companies are leveraging technology to address their need as well as the employees need at a substantially lower cost.
Solutions offered by SpendEdge to businesses
The team of procurement specialists at SpendEdge delivers a market intelligence study that helps service providers understand the short-term and long-term trends in the corporate training industry. Some of the solutions include:
- Meet specific requirements of the client especially in the procurement service and category management domain
- Offer information on major regulatory framework, key current technological innovations, and the pricing engagement models
- Evaluate the key suppliers in the specific category domain and provide supplier evaluation criteria and category negotiation strategies
- Provide strategic insights on the supplier operational and functional capabilities
- Assess the key competitors’ functional and operational capabilities in terms of training and development
Read our complete case study titled – Procurement Market Intelligence Assessment Helps a Corporate Training Provider Understand the Procurement Best Practices
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