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IR33

Six Effective Ways to Build Better Supplier Relationship Management

What is supplier management process? 

Most organization rely on third-party vendors or suppliers for the purchase of goods and services. Therefore, how an organization engages, manages, and communicates with their suppliers and builds supplier relationships is critical to their overall success. Supplier relationship management refers to the process systematic assessment of the suppliers’ assets and capabilities in view of the organizations overall business strategy. This determines activities to engage in with different suppliers, and planning and executing of all interactions with suppliers to maximize the value realized through those interactions. Supplier relationship management seeks to develop a two-way, mutually beneficial relationships with the strategic supply partners of a company. Supplier relationship management helps build better supplier relationships and thereby achieve greater levels of innovation and competitive advantage than could be achieved by operating independently or through a traditional, transactional purchasing arrangement.

Supplier management strategy and solutions for business

The strategic approach to supplier relationship management has always been critical for businesses that rely on third-party suppliers. For businesses that strive to succeed in the market, having trusted relationships with dedicated suppliers should be one of the primary goals. In this blog post, we are going to take a closer look at some of the key supplier relationship management strategy that will help you improve relationships with suppliers and streamline your supplier relationship management framework:

Suppliers are not just vendors

For a smooth supplier relationship management, businesses must consider their suppliers as their partners. This partnership should be based not only on financial transactions but also on mutual trust and loyalty between both parties. Suppliers should be made to feel like they are a part of the business. They must be informed about your processes, such as product launch and promotions. It is also essential to listen to their concerns or grievances. 

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Tips and Best Practices in the Global Abrasives Market

Abrasives are usually used in shaping or finishing a workpiece using friction. Normally, in finishing, process materials are often polished to give it a smooth and reflective surface. However, in the case of satin, matte, or beaded finishes abrasives are used to roughen the surface. Abrasives are largely used in industrial applications in grinding, polishing, honing, buffing, drilling, cutting, lapping, sharpening, and sanding. Calcite, emery, diamond dust, sand, rouge, sandstone, and powdered feldspar are some of the common forms of naturally appearing abrasives. Majority of the demand for abrasives is driven by its use in industries such as an automobile, metal fabrication, consumer goods, and construction. The automotive industry accounts for roughly 40% of the demand in the abrasives market.

Get Free Sample_SEEmerging market overview

Emerging markets are likely to provide more scope for the demand growth in the abrasives market. APAC is the fastest growing region in the world and is expected to keep up this growth pace due to the growth of emerging economies such as China and India. Increase in the middle-class population in the APAC region is driving the growth of the automobile industry, which, in-turn, drives the demand for abrasives. The contribution of emerging economies such as MEA and South America cannot be neglected as the region’s automobile industry is experiencing steady growth prospects.

Market pricing

The price of abrasives is highly dependent on the raw material and energy expenses incurred by the supplier. Most suppliers engage in forwarding contracts to mitigate the risk of raw material price fluctuation and adopt renewable source of energy, which leads to cost reduction in operations. As a result,  prices in the global abrasives market are expected to remain stable in the coming years. The prices of abrasives in this market are highly dependent on the volume of order quantity, which is why volume-based pricing is highly adopted in this market.

Procurement tips

The spend on the abrasives category accounts for a small share of the buyer’s cost structure and most buyers prefer a tactical approach toward category management. As a result, most of the purchases are often based on the immediate necessity for abrasive materials. However, buyers from automotive and metal fabrication industries observe streamlined procurement and bulk buying. Also, the majority of the buyers use the abrasive material as tools in manufacturing operations. As this accounts for a small share of the buyer’s overall cost buyers should prefer a VMI approach toward managing abrasives. Adopting such approach can also significantly reduce management expenses for buyers as suppliers would undertake order generation, material delivery, and storage of the procured abrasives.

Category management tips

The product development and differentiation in the global abrasives market are bleak due to which most suppliers adopt a cost-differentiation strategy for gaining market share. Category managers must focus on timely delivery of material to their premises, which would ensure that operations do not halt due to low material availability. Cost containment could be achieved by adopting forward contracts approach. Additionally, category managers can also look to outsource cost extensive functions to third-party service providers through low-cost country sourcing. The level of outsourcing is dependent on the criticality of the category for buyers due to which buyers from automotive and metal fabrication industries conduct most procurement functions in-house.


Read more about the market outlook of the abrasives market along with procurement insights, pricing models, category management, and market challenges in SpendEdge’s upcoming report on the global abrasives market.

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Rise in Labor Cost Driving the Demand for Automation and Instrumentation Solutions

SpendEdge Procurement Market Intelligence InfographicsLondon, Apr 26, 2018: Growing demand for incorporating automation and instrumentation systems and solutions within industries such as oil and gas, metals and mining, pharmaceutical, and paper and pulp to enhance productivity, reduce production cost, and minimize labor cost is driving the demand in this market. Additionally, lack of availability of skilled labor and rise in labor cost encourage buyers to opt for automation and instrumentation solutions.

SpendEdge’s latest procurement research report on the global automation and instrumentation market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the information technology, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“Automation and instrumentation enable businesses to improve productivity by reducing errors and enhancing quality and speed of activities. As per observations, it is noted that automation of activities can increase productivity growth globally from approximately 0.6%-0.8% to 1.3%-1.5% annually.” – Bhuvaneshwari Udayakumar, information technology expert at SpendEdge.

Business process re-engineering enables buyers to estimate the cost of restructuring and the ability of the existing infrastructure to integrate with automated systems and software. However, buyers find it difficult to understand organization’s capabilities in terms of analyzing organization’s structure, culture, and existing IT resources. Furthermore, issues in comprehending the organizational culture may lead to disruption in routine work due to the implementation of automation and instrumentation.

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This procurement report on the glass automation and instrumentation market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

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IR17

Increasing Oil and Gas Extraction Activities Driving the Demand for Oilfield Services

SpendEdge Procurement Market Intelligence InfographicsLondon, Apr 27, 2018: A slow recovery in oil and gas prices, due to an easing of the supply glut in the market, is motivating operators to revisit shelved E&P projects, leading to growth in OFS demand. The supply glut was the result of price wars among the top oil and gas producing countries, which resulted in the supply of oil and gas exceeding the demand. As a result, the demand for oilfield services was on the rise.

SpendEdge’s latest procurement research report on the global oilfield services market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the chemicals, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“Industrial development, rising global population, and economic growth worldwide drive the need for energy. Oil and gas are the major raw materials for energy-generating companies worldwide. Nearly half of the global energy generated in 2016 was produced using oil and gas which resulted in demand for oilfield services” – Anil Seth, chemicals expert at SpendEdge.

An assessment of compliance of suppliers with labor regulations is essential to buyers. This is critical, as labor issues are prevalent in countries such as child labor and forced labor in countries such as China, Russia, as well as African countries, which have active oil and gas industries, and hence, require OFS. These regions have weak enforcement of regulations, which can result in suppliers engaging in noncompliant activities without the knowledge of authorities.

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This procurement report on the glass oilfield services market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

Get unlimited access to all our reports. Get access to our reports to gain insights, platform ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Request a free demo now


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Growing Transmission and Distribution Network Driving the Demand for High Voltage Capacitors

SpendEdge Procurement Market Intelligence InfographicsLondon, May 16, 2018: Factors such as rapid industrial development across emerging markets and growing transmission and distribution network worldwide have subsequently increased the demand for high voltage capacitors. In terms of applications, high voltage capacitor is majorly used in bulk power transmission as it helps to reduce transmission losses. The adoption and implementation of a technological upgrade in the power market has enhanced the efficiency of high voltage capacitors and improved the end-user experience, which drives the market growth

SpendEdge’s latest procurement research report on the global high voltage capacitor market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the electrical component, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“High voltage capacitors are used in diverse end-user industries such as power supplies, power transmission and distribution, drive systems and inverters, motors, oil and gas electronics, and medical electronics. Further, high voltage capacitor demand is relatively strong in smartphones, tablet, automotive electronics, and computers, which is anticipated to drive the market growth.” – Tridib Bora, electrical components expert at SpendEdge.

Reliability of high voltage capacitor is important to ensure their safe operation. Buyers conduct several tests to check the reliability of capacitors. Therefore, buyers/suppliers must check various documents published by international and national bodies such as International Electrotechnical Commission as they enumerate guidelines regarding the reliability of capacitors.

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This procurement report on the high voltage capacitor market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

Get unlimited access to all our reports. Get access to our reports to gain insights, platform ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Request a free demo now


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IR27

Growth of Consumer Electronics and Automobile Industry Driving the Demand for Low Voltage Capacitors

SpendEdge Procurement Market Intelligence InfographicsLondon, May 14, 2018: Telecommunications, consumer electronics, and automobile electronics segments will contribute 40%-53% of the rise in incremental spend in the low voltage capacitor market. This incremental spend is primarily driven by the demand from the APAC countries, especially India and China. Due to such incremental spends, the APAC region is expected to dominate the market by 2025.

SpendEdge’s latest procurement research report on the global low voltage capacitor market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the electrical component, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“Proximity to electronic component manufacturing facilities and the subsequent supply chain related cost savings and huge market potential for the growth of end-user industries such as smartphones are compelling buyers in North America and Europe to establish manufacturing facilities in these regions. This is directly driving the growth of this market.” – Tridib Bora, electrical components expert at SpendEdge.

Buyers can enter into a strategic research partnership with suppliers for enhancing end-product functionalities and quality. In such research partnerships, suppliers agree to supply the newly developed product at a lower price to the buyers, while the same products are sold at a higher price in the market. This way, entering into strategic research partnerships with suppliers for developing products that will meet specific requirements is one of the best procurement practice.

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This procurement report on the low voltage capacitor market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

Get unlimited access to all our reports. Get access to our reports to gain insights, platform ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Request a free demo now


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Wearable Camera Market – A Pricing Overview

Today, people are indulging in sports and entertainment activities more than ever. They are looking for new ways to capture their experiences, apart from the handheld camera. A wearable camera provides them the perfect option to capture videos on the go. It also provides a first-person view of the experiences. Currently, the sports and media industry accounts for more than half the demand for wearable cameras. Additionally, value-added product features such as instant media sharing, and customization of settings related to widgets and transfer medium will result in high demand for wearable camera from the media and entertainment industry. Our procurement market intelligence report on the global wearable camera market anticipates the market to grow at an impressive rate of 16.95% for the next couple of years.

Request Free SampleRegional markets

North America currently accounts for the highest spend in the wearable camera market and is closely followed by the European region. APAC and South America are the fastest growing markets in this sector. Much of this growth can be attributed to the robust growth in major end-user industries such as tourism and media, strengthening of regulatory frameworks with respect to the ease of doing business for global suppliers, and increasing investments by global and regional suppliers.

Demand-supply scenario

Prices of wearable cameras are expected to decline moderately during the forecast period due to the growth of regional suppliers in the APAC region. Regional suppliers in the APAC region are likely to offer wearable cameras at a lower price compared with their global counterparts due to factors such as low raw material and labor costs. This, in turn, intensifies the price competition in the market. Additionally, the spend of suppliers on R&D is on a rise to deliver products with high data security and enhanced ease of use with additional features. However, it is estimated to moderately impact the prices of wearable cameras.

Supplier costing

The manufacturing of wearable camera includes procuring raw material costs including components such as transistors, capacitors, PCB, sensors, and materials, including plastics. The costs of such materials are expected to increase at a CAGR of 4%-5% by 2022 due to the growing focus of suppliers on customization of components to attain end-product differentiation. Apart from raw materials cost, manufacturers have to consider other cost aspects including R&D, labor, administrative, channel costs, logistics, and manufacturing costs.

Factors impacting pricing

Suppliers in the wearable camera market are increasingly focusing on developing lightweight and miniature wearable cameras with high image stability. This increases the R&D costs of suppliers, which, in turn, raises the final cost of end-products. Additionally, suppliers are increasing their R&D spend to design products with enhanced durability and multiple API architecture support to enhance customization ability at buyers’ end, which subsequently increases the R&D costs.

Cost saving opportunities

Although raw material and labor costs are on a rise, there are few cost-saving opportunities that exist in this market. Collaborating with component providers to attain differentiation in design and operational features looks to be one obvious route to save on costs. These suppliers enter into agreements with their component vendors, which helps in developing new products to attain the USP of end-product in the market.

 

Read more about the pricing landscape in the wearable camera market along with procurement best practices, supply market insights, pricing insights, and market challenges in SpendEdge’s upcoming report on the global wearable camera market.

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IR4

Demand-Supply Landscape of the Claims Management Software Market

Damages, accidents, and mishaps are part and parcel of life and occur quite often. People may accidentally cause damage to someone else’s property or find that their own property is damaged. Fortunately, most people and organizations would have their property and possessions such as house and car insured. Additionally, insurance can include life insurance and travel and third-party liability insurance as well. In the case when the loss arises due to any events, it’s up to the loss adjuster or claims manager to settle claims as quickly and efficiently as possible. Claims management software assists claims manager by automating end-to-end claims process, including planning, monitoring, and managing actions that arise due to insurance claims. The market for claims management software is increasing with the subsequent growth of the global insurance market.

Request Free SampleGlobal demand for claims management software

The demand for claims management software is strongly driven by the robust growth of the global insurance sector and the increasing focus of insurance companies to provide a better experience to their customers during the claims management process. Moreover, cloud-based deployment is being preferred by the buyers across the world as it provides them with convenience and cost savings. Additionally, they are also demanding solutions that offer real-time tracking and analytical capabilities. Such capabilities help them reduce claims leakage and their operational costs as well.

Global supply scenario

The supply market for claims management software is relatively fragmented. The market has numerous global players who offer software packages and enterprise solutions to companies all over the world. Additionally, there are multiple regional players as well who cater to the specific needs of buyers within a geographic region. To grow and gain a competitive advantage, suppliers are continually adding new functionalities to their software and integrating advanced technologies such as AI, predictive analytics, and machine learning. Suppliers are also seeking to offer customized solutions and value-added features to their core product. One exciting trend seen in this market amongst suppliers is the fact that they are shifting their business processes to developing countries as they have greater accessibility to a skilled workforce and can also save on labor costs.

Technological trends

The claims management software market has witnessed a rapid rise in the adoption of AI in claims processing. AI technologies dramatically reduce the number of errors associated with manual claims processing procedures and also expedites claim processing. For instance, AI is being used in the form of chatbots to receive the first notice of loss (FNOL) from the consumers. Upon receiving the claim, the chatbot engages with the client to understand its claims and provides initial assistance. Additionally, predictive analytics is also used by companies to study the characteristics of historical claims and identify patterns that allude to fraudulent claims. This technology is also being used to generate fraud risk profiles of clients that show characteristics similar to historical fraudulent claims.

Pricing in the claims management software market

Sellers price their solutions using either consumption-based, perpetual license, or subscription-based models. Currently, subscription-based model is the widely used pricing model in this market. Buyers are willing to engage with suppliers with subscription-based payments as it involves low upfront costs, and buyers can easily switch suppliers in case their expectations are not met.

Top 5 claims management software providers

  • SAP
  • DXC
  • Oracle
  • Accenture
  • IBM

 

Read more about the demand and supply market landscape of the claims management software market along with procurement insights, supply market landscape, pricing models, and technological advancements in SpendEdge’s upcoming report on the global claims management software market.

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New Uses of Gelatin Driving the Growth in the Global Pharmaceutical Gelatin Market

SpendEdge Procurement Market Intelligence - Pharmaceutical GelatinLondon, Apr 09, 2018: There has been an increase in demand recently for marine gelatins such as fish gelatin, especially in regions where buyers demand non-bovine sourced gelatins, and in the countries where halal and kosher certifications must be followed. In addition to that, governmental support worldwide in the form of investment and regulatory approval for suppliers in emerging markets such as India has led to the growth of this category.

SpendEdge’s latest procurement research report on the global pharmaceutical gelatin market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the pharma and healthcare, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“In the next two years, the overall consumption of pharmaceutical grade gelatin is expected to grow by 4%-5%. Increase in use of gelatin for pharmaceutical applications can be seen globally due to the discovery of unrealized uses of gelatin including its use in treatment of wounds, therapeutics, and surgical products.” – Bhuvaneshwari Udayakumar, pharma and healthcare expert at SpendEdge.

Most players in the industry procure cattle bones as a primary raw material for gelatin, ban on cattle slaughter in certain regions may affect the entire supply chain. This hampers the supply of bones to major suppliers, which in turn results in price fluctuations of the raw material. As a result, ban on certain raw material sources resulting in price fluctuations is causing procurement challenge in the pharmaceutical gelatin market.

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Request Free SampleThis procurement report on the pharmaceutical gelatin market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

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IR27

Growth of Energy Drinks Market Driving the Demand in the Sodium Citrate Market

SpendEdge Procurement Market Intelligence Infographics - Sodium CitrateLondon, Mar 27, 2018: The market for energy drinks and other health-based beverages has been growing rapidly. Sodium citrate is used in the product formulation in these beverages as an acidity regulator, flavoring agent, and acidulant in club sodas. The growth of the energy drinks market is expected to drive the demand for sodium citrate.

SpendEdge’s latest procurement research report on the global sodium citrate market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the chemicals, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“Large F&B businesses, especially in the US and Western European countries such as Germany, the UK, and France, are increasingly looking to source non-GMO-based sodium citrate ingredients for product formulations. Increasing awareness about the health and environmental risks associated with consuming GMO-based F&B products will drive the demand for non-GMO based sodium citrate.” – A. Kowshik, chemicals expert at SpendEdge.

As China remains the most significant bulk-based producer and exporter of sodium citrate, end-user businesses across multiple geographies are exporting the citrate from the country. Though they may take advantage of low costs associated with production in China, they may incur high costs associated with transportation and logistics of shipping. These costs are likely to continue the upward trend as oil prices rise. As a result, procurement professionals are facing challenges regarding sourcing of sodium citrate.

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This procurement report on the sodium citrate market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

Get unlimited access to all our reports. Get access to our reports to gain insights, platform ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Request a free demo now


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