Understanding negotiated savings is always beneficial for any business organization; which can be achieved by supplier management within an organization. Supplier management is akin for managing relationships and interactions with external organizations which provide goods and services to our organization. Supplier management is primarily organization’s plan (strategic) for managing supplier resources that saturate throughout the organization.
Also, we can say that supplier management is simply the management of supplier-facing business processes throughout the lifecycle of a supplier. Supplier management market includes establishing policies to govern suppliers, contracts with suppliers match business needs, setting up of targets in contracts with suppliers, maintaining relations with suppliers, observing supplier performance, maintaining an accurate record of the supplier and negotiation with the help of supplier management. The supplier management market is expected to have a significant growth during the forecast period due to increasing need of the supplier management in various industries.
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Supplier Management Market: Drivers and challenges
The extension of the industries provides a better opportunity to growth of supplier management market because there will be an essential requirement of supply management to increase the productivity of the industry. This factor is expected to be responsible for the potential growth of the supplier management market during the forecast period. Also with the increase of the data and information within an organization, the responsibility to handle it also increases which can be achieved with the help of supplier management.
Thus, during the forecast period with the growth of any industry the requirement of the supplier management will also increase which will result in the growth of supplier management market. Another, driver for the supplier management market is globalization. With the adoption of globalization by any country the suppliers of any company also increase (increase in international suppliers) giving scope to supplier management market. Hence, the growth in the supplier management market also increases.
With the release of ITIL v3 in 2007, a discrete supplier management process was introduced service design lifecycle stage as its part. This process was further updated ITIL 2011 update. The same has an influence on supplier management market during the forecast period. Moreover, supplier management can be used for quality management of products in any company. These benefit of supplier management is expected to provide a new growth opportunity to supplier management market during the forecast period. On the other hand, some of the sectors are less conscious about quality and supplier relations. These factors are expected to hinder the supplier management market during the forecast period.
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Supplier Management Market: Key Players
Some of the key players of the supplier management market are JDA Software Group Inc., Intelex Technologies, Oracle Corp., SAP AG, Epicor Software Corp., SLA, Lasta Inc., Generix Group, Zycus Inc., Neocase Software, Computer Sciences Corp. (CSC) CloudSRM, Biznet Solutions Ltd., and Whiztec Software.
In October 2015, new supplier management software was launched by Intelex Technology; it offered solution to improve supply chain network at the subsidiaries and parent levels owing to supplier chain management market. Also, in February 2016, Neocase FS Power SRM software was launched, focussing on easing the financial operations and making it more efficient through advanced automation and offer a better experience for suppliers, buyers, customers and employees through a progressive portal and SLA management respected to supplier management. In June 2014, new GCI Supplier Portal was launched by Generix Group; it offers administrative task computerization and delegation, paperless documentation, operation pooling, data quality improvements, dispute reduction, and faster electronic communication in terms of supplier management.
Supplier Management Market: Regional Overview
North America is considered as the principal supplier management market due to the presence of a high number of vendors and also due to the adoption of cloud computing in various sectors. The Asia Pacific supplier management market is expected to have significant growth during the forecast period due to industries requirement to improve the cost of services and delivery process.
Industries in developing countries such as India and China have considerate growth in supplier management market because they are using software to generate a higher return on gaining investment and increase their supply chain with the help of supplier management. The Middle East & Africa supplier management market is expected to grow at a mild pace owing to lack of awareness about supplier management.
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The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.