LONDON--(EON: Enhanced Online News)--According to the latest procurement intelligence report from Technavio, the global corporate training services market is expected to grow at a CAGR of 10.6% over the next five years due to the transition in workforce across organizations.
“The global corporate training market is highly fragmented due to low entry barriers for suppliers, thereby providing buyers with an advantage in terms of high bargaining power”
The research report titled ‘Global Corporate Training 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.
“The global corporate training market is highly fragmented due to low entry barriers for suppliers, thereby providing buyers with an advantage in terms of high bargaining power,” said lead Technavio procurement expert Angad Singh, specializing in research on category spend intelligence. “These training services help organizations focus on increasing their ROI by decreasing the development timelines of their workforce. They can also focus on training their employees on innovative tools and techniques that can be easily adopted,” added Angad.
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Cost saving opportunities in the corporate training services
The adoption of various cost optimization levers helps buyers of corporate training services to not only realize direct cost savings but also enhance category management and value benefits (including a reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the corporate training services 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
Technologies such as learning management systems are cloud or application-based platforms that are used for dissemination of electronic educational and e-learning courses or training programs. These platforms use the Internet and mobiles to disburse training content on the go. They also help in documenting, tracking, and reporting progress.
SCORM is a set of technical standards and specifications associated with e-learning materials or content. It helps enhance the interoperability between e-learning software.
Optimization of procurement practices saving aspects
By inviting bids from multiple service providers, buyers can compare capabilities and choose a suitable provider that can meet their overall requirements. Corporate training services are a critical spend area for large organizations and many SMBs. It has become important for category managers to track and measure the performance of suppliers against a defined set of KPIs.
Bundling of services saving aspects
Unbundling of services allows the buyers to select services as per organizational requirements. Additionally, it allows them to outsource services like content development and learning technologies to dedicated players that can offer cost-effective training services compared to traditional training service providers.
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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, re-sellers, and end-users.
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