Our benchmarking study helped a leading Oil & Gas company negotiate an effective contract for purchases for a new construction project.
A major Oil & Gas company that was embarking on a big construction project brought us in to develop a benchmarking study. This would be used to benchmark against RFPs from different suppliers. The goal was to use the information to ensure competitive pricing and terms, which was critical as the company was building multiple large offices at various locations.
We contacted over 50 companies that had similar buying power in both the client’s industry and other industries that conduct similar large-scale purchases on a global scale. We then created a questionnaire covering different information related to discount schedules, along with other terms and conditions. Next, we conducted a study by guiding each participant through the questionnaire and compiling and analyzing the data. We created a comprehensive report using the data and presented it to the client. This gave them a clear idea of how their current pricing terms compared to others and enabled them to use this data to analyze RFP responses.
Using the data gleaned from the benchmarking study, the client gained valuable knowledge about pricing terms, conditions and discount schedules. They then used the knowledge to revamp their negotiation strategy and develop a more robust contract with their suppliers.
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