LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global contract compliance services market is expected to grow at a CAGR of almost 7% over the next five years due to the complexities of managing various regulations.
The research report titled ‘Global Contract Compliance 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 outsourcing of contracts compliance to the third-party service provider will reduce the OPEX. Effective monitoring of vendors in the supply chain is a significant driver for the market,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Other factors that are positively impacting the growth of the global contract compliance services market can be mainly attributed to the dynamic global regulations and industry standards, which is a part of the contract compliance process,” added Angad.
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Cost Saving Opportunities in the Contract Compliance Services Market
Adoption of cost optimization levers allows buyers of contract compliance 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 contract compliance 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
Contract compliance software correlates contract data from all contracts through IT systems and identifies the risk and prioritizes them. The software communicates these risks to the user through on-screen dashboards and email notifications.
Compliance analysts find Big Data and analytics very useful in sorting out large volumes of contract data and analyzing the risk patterns associated with different contracts. This helps them deliver better compliance services.
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Optimization of procurement practices saving aspects
Engaging with suppliers that provide proper compliance risk framework is essential as this will help buyers to change their vendors or distributors quickly if they don’t meet the requirements. Usually, service providers give compliance risk assessment reports within a couple of weeks, which helps buyers to take decisions in a short span of time, thus enabling them to avoid non-compliance penalties.
Bundling of services saving aspects
Buyers of contract compliance service expect their suppliers to assist them in efficiently managing their compliance risks and help them track the same. Suppliers with the bundling of contract compliance service along with risk management services guarantee up to 8% savings in the bundled spend area.
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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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