Businesses must be vigilant of changing market conditions to achieve cost savings, accommodate for cost increases and plan efficiently. This rings true particularly for buyers of legal, transportation and construction services, which are displaying rapid price growth. IBISWorld has identified several markets within these sectors in which prices are forecast to grow more rapidly than the national inflation rate in 2016. To soften the blow of price increases, procurement professionals can leverage their knowledge of key market characteristics to minimize costs and win strategic deals. Continue »
Anna Son is a business research analysts for IBISWorld’s procurement division, which specializes in market research that encompasses price trends, major suppliers, supply chain risks and more. Son holds a bachelor's degree in business administration and a minor in marketing from Pepperdine University. The research featured in this article can be found at ibisworld.com/procurement.