LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global relocation services market is expected to grow at a CAGR of 3.5% over the next five years due to the growing investment in evolving technologies.
The research report titled ‘Global Relocation Services: 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.
“Argentina and Switzerland have a high cost of living, which has resulted in an increase in relocation activities among individuals, primarily toward Latin America and Eastern Europe, thereby driving the demand for international mobility,” said lead Technavio procurement expert Angad Singh for category spend intelligence research. “Organizations based in emerging countries across APAC and Eastern Europe now match multinational organizations' standards in compensation and career development terms,” added Angad.
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Cost saving opportunities in the relocation services market
Cost-saving opportunities can be leveraged by bundling services and using technologically advanced platforms for easy tracking and management.
Technavio procurement experts have segmented the cost saving opportunities in the relocation 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
Application of IoT along with cloud-based GPS provides real-time tracking information about goods in transit. All goods are attached with RFID chips to provide information such as location, pressure, identification, humidity, and temperature.
EDI is a computer-to-computer exchange of business documents such as purchase orders, shipping notices, and invoices in a standard electronic format between suppliers and buyers.
Optimization of procurement practices saving aspects
Buyers should adopt a renegotiation approach with existing service providers to potentially receive better offers and discounts. Buyers should engage with service providers that offer value-added services such as cultural and language training and repatriation assistance.
Bundling of services saving aspects
The best strategic cost-saving levers for the relocation services market is bundling of services where buyers can partner with service providers that offer end-to-end relocation services. This, as per Technavio’s estimation, will help buyers save up to 15% of the total bundled spend area.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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, resellers, and end-users.
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