LONDON--(BUSINESS WIRE)--SpendEdge has announced the availability of its latest report on Tungsten Procurement for pre-order. The report on tungsten procurement is part of a larger series of reports on the global engineering materials market, which includes all spend related to the provision of essential industrial and engineering raw materials that are further processed or used to produce goods, articles, or structures.
According to our experts, the volatile prices of the key inputs are creating multiple issues that are impacting procurement within the tungsten category such as benchmarking and budgeting of the procurement costs. Markets across the globe are witnessing the diminishing workforce. The minimum wages and the stringent regulations are compelling suppliers to increase their employee expenses which are expected to have an inflationary impact on buyers' procurement cost.
SpendEdge’s reports now include a complimentary Covid-19 impact assessment on all reports from the engineering materials category. Our reports are intended to serve as a one-stop reference guide for companies looking for effective tungsten procurement strategies and offer a perfect blend of category basics with deep-dive category data and insights – request a free sample today!
Tungsten Procurement Risks
- The pricing terms in the contract can prove to be inadequate to safeguard the buyer from the impact of a sudden increase in the supplier's cost, often arising from a lack of clarity on the scope of products or services to be delivered.
- Political and regulatory changes pose significant risks to the category. For instance, the imposition of tariffs on raw materials required to manufacture finished goods increases costs. Similarly, restrictions on the import of goods or raw materials from a country also contribute to significant risks. Additionally, insufficient IPR protection and product liability lawsuits turn out to be huge risk factors for the category.
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Tungsten Procurement Best Practices
- Buyers should engage with suppliers who have adopted a global delivery model as it reduces the buyers' risks. In this model, any disaster/emergency at any operating facility of the supplier will result in the work being transferred to a different facility, thereby ensuring continuity of the project and reduced risk for buyers. This model also provides buyers access to skilled labor from across the globe, thereby improving the quality of engineering products provided by the supplier.
- Buyers should engage with suppliers who have recycling capabilities. These capabilities will allow suppliers to lower their production costs which will be passed on to buyers. Additionally, the recycling capability will contribute to furthering the sustainability goals of the buyers' organization.
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Key Questions Answered in this Tungsten Procurement Report
- What is the spend potential in the tungsten market?
- What is the correct price to pay for tungsten? What are the key trends and factors that influence current and future pricing?
- Which selection criteria are the most important for tungsten suppliers market?
- Who are the top tungsten suppliers? What are their cost structures?
- What are supplier margins in tungsten market?
- Which negotiation levers can reduce tungsten procurement cost?
- What are the best practices for tungsten procurement and what are the potential risks?
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