|[March 15, 2017]
Technavio Reveals Cost Saving Opportunities for the Risk Management Services Market
According to the latest procurement intelligence report from Technavio,
risk management services (RMS) market is expected to grow
at a CAGR of more than 7% over the next five years due to the change in
global political scenario.
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Technavio has published a new report on the global risk management services market from 2017-2021. (Graphic: Business Wire)
The research report titled 'Global
Risk Management 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.
"Changes in global leadership especially in countries such as the UK
and the US can create uncertainty in business scenarios like scrapping
of trade agreements. This could drive the demand for risk management
services," said lead Technavio procurement expert Angad Singh. "Recently
in the US, the Donald Trump administration planned to scrap the NAFTA
agreement. This could affect the trade in this region, which will
directly impact the existing trade relations prevalent in the region,"
Request a sample report: http://www.technavio.com/request-a-sample?report=56553
Tehnavio sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.
Cost saving opportunities in the risk management services market
Adoption of cost optimization levers allows buyers of risk management
services to not only realize direct cost savings but also enhance
category management and value benefits, including reduced procurement
Technavio procurement experts have segmented the cost saving
opportunities in the risk management services market into the following
Adoption of technology
Adoption of negotiation strategies
Optimization of procurement practices
Bundling of services
Adoption of technology saving aspects
RMS collects and correlates data across the enterprise IT systems and
then identifies the risks associated with them. They communicate these
risks through on-screen dashboards and e-mail notifications.
The advent of internally hosted cloud computing and data storage has
improved the way risk management companies function. This enables
suppliers to gain ready access to larger volume of data that can be used
to predict risks than before the advent of this technology.
Optimization of procurement practices saving aspects
Risk scoring is an algorithm for evaluating a vendor and ranking them on
a scale of 1 to 1,000 where higher numbers denote higher risk.
Category managers should prefer selecting suppliers that use risk
scoring methodology as they can easily quantify threats and deficiency
associated with vendors.
Bundling of services saving aspects
A growth in the amount of global business activities due to factors such
as globalization is increasing the need for financial risk management of
financial flows of companies. They outsource the audit of financials to
third-party accounting and auditing service providers that also offer
financial risk management in their service portfolio.
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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,
re-sellers, and end-users.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170315005128/en/
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