LONDON--(BUSINESS WIRE)--SpendEdge has announced the availability of its latest report on Gold Procurement for pre-order. The report on gold procurement is part of a larger series of reports on the global Non-medical chemicals minerals and gases market, which includes all spend on procurement, transportation, conservation and storage of industrial chemicals, minerals and gases. Spend on similar products for medical and pharmaceutical usage is excluded from this category.
According to our experts, volatility in the prices of key inputs is creating multiple issues that impact procurement within the gold category such as benchmarking and budgeting of the procurement costs. Regulatory guidance on data protection and increasing concern over cybersecurity have increased the costs for suppliers as they incur additional spend on compliance and security. These additional costs have the potential to drive a marginal increase in prices across the key geographies.
SpendEdge’s reports now include a complimentary COVID-19 impact assessment on all reports from the non-medical chemicals minerals and gases category. Our reports are intended to serve as a one-stop reference guide for companies looking for effective gold procurement strategies and offer a perfect blend of category basics with deep-dive category data and insights – request a free sample today!
Gold Procurement Risks
- Political and regulatory changes pose significant risks to the category. For instance, the imposition of tariffs on raw materials required to manufacture the finished goods increases costs. Similarly, restrictions on import of goods or raw materials from a particular country also contribute to significant risks. Additionally, insufficient IPR protection and product liability lawsuits lead turn out to be huge risk factors for the category
- With the high adoption of lean manufacturing, the smallest of changes in the supply chain activities lead to huge losses. For instance, cargo theft, flight delays, and quality control issues lead to significant losses to both the suppliers and buyers in the category
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Gold Procurement Best Practices
- Buyers should assess the level of adoption of the latest technologies by suppliers to assess cost-saving opportunities and quality that can be provided by the latter. For instance, the adoption of technologies such as cloud computing will enable suppliers to reduce their internal computing hardware requirements for operations such as CAD and CAM. This can, in turn, enable them to reduce their operating costs, thereby suppliers can offer products at lower rates to buyers.
- Buyers should engage with suppliers that repurchase used products at fair market value. This assists buyers to dispose of used products in a convenient manner. Also, during such repurchases, suppliers provide credits to buyers for future purchases. This reduces overall procurement costs for buyers.
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Key Questions Answered in this Gold Procurement Report
- What is the spend potential in the gold market?
- What is the correct price to pay for gold? What are the key trends and factors that influence current and future pricing?
- Which selection criteria are the most important for gold Suppliers Market?
- Who are the top gold suppliers? What are their cost structures?
- What are supplier margins in gold market?
- Which negotiation levers can reduce gold procurement cost?
- What are the best practices for gold procurement and what are the potential risks?
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