According to the latest procurement intelligence report from Technavio, the global corporate strategy consulting services marketis expected to grow at a CAGR of almost 7% over the next five years due to the growing need of organizations to expand globally.
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Technavio has published a new report on the global corporate strategy consulting services market from 2017-2021. (Graphic: Business Wire)
The research report titled 'Global Corporate Strategy Consulting Services Market: Procurement Intelligence Report 2017-2021' provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
"The global corporate strategy consulting services market represents approximately 14% of the global consulting market, owing to high demand for the development of the strategy and execution of strategic plans in emerging markets for strategic decision making," says lead Technavio procurement specialist Angad Singh for category spend intelligence. "The corporate strategy consulting services industry constitutes a large number of strategy consulting firms worldwide with a few top players that dominate the market due to their extensive global reach and reputation," added Angad.
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Cost Saving Opportunities in Corporate Strategy Consulting Services
The adoption of cost optimization levers allows buyers of corporate strategy consulting services realize direct cost savings as well as enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the corporate strategy consulting services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
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Optimization of procurement practices saving aspects
Buyers should clearly define the issues and its background in which the strategy must be formulated. Buyers should appoint a project manager for maintaining a complete record of the project and all its variations along with records of payments. Also, the project manager will facilitate review meetings between the consultants and the client personnel specified in the contract.
Bundling of services saving aspects
Businesses seek to continuously innovate their products and services to remain competitive in the market. Therefore, they focus on formulating strategies for new product development, which involves construction, packaging, branding, product positioning, and usage testing.
Buyers prefer engaging with firms that have consultants with required skills such as content skills, people skills, learning capability, and resources management. In addition, buyers seek for capabilities such as the ability to collaborate with clients and colleagues and have creativity skills, intellectual energy, critical thinking, and economic knowledge.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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