LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global financial advisory and consulting market is expected to grow at a CAGR of 5.2% over the next five years due to demand for financial reports that are in compliance with specific industry rules and regulations.
The research report titled ‘Global Financial Advisory and Consulting 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.
“During the forecast period, the global financial advisory and consulting market will be driven by organizations’ need to comply with laws and regulations pertaining to the financial aspects of their operations,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, need for expert financial advice by startups and their investors is another factor that will drive the market,” adds Angad.
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Cost saving opportunities in the global financial advisory and consulting market
The adoption of various cost-optimization levers helps buyers of financial advisory and consulting realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global financial advisory and consulting 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
Adoption of technologies such as data analytics and automated financial tools to draw conclusions regarding trends and preferences of clients and offer basic and generic advice with minimum human intervention.
Buyers opt for service providers that can provide unbiased professional advice to stakeholders on their current financial status. This helps them procure an external perspective of financial status, which in turn helps in formulating better operational strategies.
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Optimization of procurement practices saving aspects
Optimization of supply pool segregation is critical in the global financial advisory and consulting market. Technavio analysts suggest competitive bidding based on expertise, discounts on fees, and negotiation on value-added services.
Buyers opt for service providers that possess the right expertise and industry-specific knowledge in all aspects of finance, such as budgeting, taxation, and valuation, which can help them arrive at effective business decisions.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global financial advisory and consulting market is the need for consolidation and unification of financial activities. Organizations are looking to consolidate tax advisory, audit advisory, and financial forensic services.
Buyers opt for service providers that have the capability to mitigate risks related to fraudulent activities such as misappropriation of funds. Hence, they opt for service providers that have the ability to identify and investigate such activities and provide solutions and mitigation measures.
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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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