LONDON--(BUSINESS WIRE)--According to the latest procurement market intelligence report from Technavio, the global crisis management services market is expected to grow at a CAGR of over 5% over the next five years due to the increasing use of social media platforms for crisis management.
The research report titled ‘Global Crisis Management Services Market: Procurement Market 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.
“Crisis management is a systematic process by which an organization mitigates an unexpected event that may negatively impact the organization's reputation, functioning, relevant stakeholders and the society,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “The global crisis management services market has been gaining prominence due to the need for businesses to maintain and improve their brand reputation and value in the digital era,” added Angad.
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Cost Saving Opportunities in the Crisis Management Services Market
The adoption of various cost optimization levers allows buyers to realize direct cost savings as well as enhances category management and value benefits (such as a reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the crisis management 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
Crisis management firms have been investing in high-tech centers driven by emerging risks. They have been investing in risk analytics solutions to build a strong content-driven social engagement strategy.
Crisis management models aimed at providing quick response solutions to tackle crisis by using global networks of certified strategic counselors, foresight from industry experts on global issues, and threats that all companies need to consider.
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Optimization of procurement practices saving aspects
Service providers have developed systematic preparedness audits that help businesses evaluate their readiness towards a potential crisis. For instance, Edelman uses digitally administered surveys along with qualitative due-diligence to generate a report with suggestions on enhancing crisis-readiness.
Bundling of services saving aspects
Crisis management firms are using online digital and social media tools to help businesses develop strategies to create brand awareness, reputation management, and market products and services. These tools help businesses in their marketing efforts and ensure that their key corporate communication is clear, concise, and result in maximum impact for their targeted audience.
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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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