Are you getting a fair price from your suppliers and are you 100% sure that these prices are in line with market potential in your business, country and/or region?
Understanding rates and prices and comparing them is a very time-consuming task because it includes actions such as requesting proposals, analyzing data, making apple with apple pricing comparisons, contacting suppliers and looking at historical data, searching for comparable products and services and, of course, negotiating the actual figures.
Price benchmarking is comparing one’s prices to the best-in-class prices on a particular market. Not an easy task given that it represents one of the most important aspects of any strategic and tactical sourcing process, because it allows purchasing teams to be more informed and to make better decisions. Furthermore, it brings more transparency into e.g. cost-plus-priced service contracts or it’s a great starting point for upcoming framework, pricing agreement negotiations, or just discussions on a relationship level. Your internal customers will definitely be grateful for it!
Titan SIM (Supplier Information Management System) offers a detailed Rate Benchmarking as an add-in feature for your business. Completely updated minimum every two calendar years, it is one of the most accurate solutions to get your rates organized, compared, benchmarked, and monitored.
Our Rate benchmarking feature is a unique blend of data based on market standards, combined with years of substantial sourcing expertise, market knowledge, best practices, and initiatives in the related fields. Easy to use, standalone, usable & available today!
We compare benchmarks just like big research companies do, but then we develop it further. Our current approach is just the beginning.
Currently, our framework encompasses 68 standard job profiles, with up to 5 seniority levels, within 3 main job families, based on proven market standards:
1. IT Experts (defined within the Swiss ICT association framework)
2. Management Consultants (aligned with the German BDU association standards)
3. Business Experts (based on best practices from the Outsourcing community in alignment with certain global quasi standards)
At the moment, our Rate Benchmarking is for Switzerland, Germany, and Austria only, but we are working hard to make it available for more and more countries in the future.
Titan’s add-in Rate Benchmarking feature is available today, at a highly attractive price. It also fits perfectly with our new add-in feature contract revenue.
Furthermore, our advisory business offers further pricing assessments.
Are you interested? Schedule your meeting today!
We’d love to hear from you!
