LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global corporate meeting cards market is expected to grow at a CAGR of almost 10% over the next five years due to the large organizations imposing greater control over their M&E spend.
The research report titled ‘Global Corporate Meeting Cards 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.
“The global corporate meeting cards market is expected to grow significantly during the forecast period because of the rise in adoption of corporate meeting cards by global companies. These cards allow companies to track their M&E spend,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Other factors that are positively impacting the growth of the global corporate meeting cards market are mainly attributed to characteristics such as reduced paperwork and cash-handling, which is a part of the conventional B2B purchasing process,” added Angad.
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Cost Saving Opportunities in the Corporate Meeting Cards Market
The adoption of cost optimization levers allows buyers to not only realize direct cost savings but also enhance category management and maximize benefits (including a reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the corporate meeting cards 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
Service providers have developed a platform for businesses to manage their cash and other financial assets. They are also working on improving the overall user experience for corporate customers (digital platforms).
Commercial banks and financial institutions have revamped their back-end systems and installed strong data theft, fraud, and malware detection software to combat these threats in real time.
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Optimization of procurement practices saving aspects
Buyers should engage with service providers that have relevant expertise in providing payment technology. This will also ensure uninterrupted support to optimize and expand the corporate meeting card program across divisions and subsidiaries. Businesses must establish benchmarks across different factors that may include processing time and quality, the number of expenses covered, and audit results.
Bundling of services saving aspects
The FinTech business accelerator is based on the concept of developing prototypes for new products and services to enhance the business-customer relationship. It also optimizes organizational structures to resolve business challenges and provide personalized services to SMEs.
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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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