SpendEdge has been monitoring the global management consulting industry and the industry is poised to experience spend growth of over USD 100 billion between 2019-2024 at a CAGR of nearly 7% during the forecast period. Request Free Sample Pages.
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Read the 120-page research report with TOC and LOE on “The Global Management Consulting Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
The global business scenario is eventually getting complex with the pressing necessity to attain operational efficiency, maintain compliance with regulations, and advancements in technology. These complexities are the results of the exponential growth of industries like the financial and manufacturing sectors. To tackle such complexities buyers from business sectors are expected to heavily rely on management consulting services to make data-driven decisions. This will drive spend growth in this industry.
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Factors that will drive procurement expenses in the management consulting industry
- The introduction of protectionist tax and trade policies in the US will majorly impact the pricing policies undertaken by the onsite service providers as well as their offsite counterparts who seek to enter the US industry.
- Adoption of new technologies such as AI, machine learning, robotics, and predictive analytics is expected to spike training costs incurred by service providers to train their employees. This will potentially increase the cost of procuring services in the global management consulting industry.
Insights into category management strategies that will help buyers optimize their procurement spend
Optimizing procurement spend does not stop at getting the product from suppliers at reduced rates. Most of the buyers in the management consulting industry fail to realize that an impactful supplier relationship management is crucial to create avenues to save costs in the long run and also to facilitate effective category management in an industry that is characterized by price dynamism.
Acquiring the right mix of global and regional service providers
Buyers are advised to partner with global service providers who have expertise over vast sectors. However, if their local presence is weak or non-existent, then it is crucial to engage with regional service providers. It is essential that buyers should clearly separate the engagement with global and regional players to avoid service level overlaps.
Benchmarking service providers against industry prices
It is prudent of buyers to invest in benchmarking studies that will help category managers to enhance their knowledge about industry prices. These insights will help buyers to save costs and be in a better position to negotiate with service providers. For instance, while negotiating for bundled services, buyers can save significant costs by cross-verifying the rates quoted by other potential service providers against industry benchmarks.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the management consulting industry.
Some of the key topics covered in this report are:
- Management consulting industry spend segmentation by region
- Total cost of ownership analysis in the management consulting industry
- Regional spend opportunity for management consulting service providers
- Management consulting service providers cost structure
- Management consulting pricing models analysis
- Management consulting procurement best practices
- Category management objectives
- Cost saving opportunities in the management consulting industry
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Anirban Choudhury
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