LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global QA QC certification services market is expected to grow at a CAGR of close to 4% over the next five years due to the increasing focus on sustainability.
The research report titled ‘Global QA QC Certification Services: 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.
“QA and QC certification services involve tasks such as inspection, testing, certification, and verification of products or services that ensure all legal obligations and standards are met at every stage of the production,” said lead Technavio procurement expert Angad Singh. “The market is driven by regulators that are demanding safer products and better working conditions for workers. Manufacturers are focusing on reducing risks associated with their complex operations and supply chain,” added Angad.
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Cost Saving Opportunities in the QA QC Certification Services
The adoption of cost optimization levers allows buyers of QA and QC certification services to not only realize direct cost savings but also enhance category management and value benefits, including reduced procurement complexities.
Technavio procurement experts have segmented the cost saving opportunities in the QA QC certification 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
EMATs are used in the ultrasonic testing technique. These transducers can be used for characterization of properties of materials, detecting flaws in the materials, and measuring the thickness of various materials.
Big Data and analytics play a significant role in helping auditors sort and analyze large volume of data to help suppliers identify risks in business operations and financial reporting, helping them deliver more relevant QC audit reports.
Optimization of procurement practices saving aspects
Buyers should engage with suppliers that have accreditation from different standards bodies such as ISO and ANSI. This will help buyers to advertise themselves in the market and attract more clientele, as these standards bodies have a good reputation in the market.
Buyers should engage with an integrated service provider that have capabilities to inspect, test, as well as certify products/services for safety and regulatory compliance. Before engaging in this practice, companies need to evaluate all the pros and cons of the service provider, since some service providers may not have expertise in all the services they deliver.
Bundling of services saving aspects
Buyers expect suppliers to possess capabilities such as inspect, test, and certify products/services as this can help in reducing the cost. Buyers expect their certification firms to grant access to their audit process to in-house QC teams as this can help the in-house team to understand mistakes in their processes if any.
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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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