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Procurement Market Intelligence Report

Commodity Price Forecasting Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Commodity Price Forecasting Services?

What is the average price of Commodity Price Forecasting Services?

This procurement report includes pricing information to help you purchase Commodity Price Forecasting Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Commodity Price Forecasting Services been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Commodity Price Forecasting Services yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Commodity Price Forecasting Services?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Commodity Price Forecasting Services with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

The commodity price forecasting market has a low level of concentration, with the top four vendors accounting for less than 20.0% of the market. In total, about 400 vendors operate in the market, and market share concentration has remained stable during the past three years. However, occasional consolidation does... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?

Regulation

How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Experience

What are your renewal and repeat business rates for businesses in my industry? How does that compare to your overall rates?

What type of relevant research do you conduct, and which conferences do you attend to stay up to date with the latest developments in this field?

Do you have case studies or client testimonials detailing the services performed? Can I speak to a current client about their experiences?

What advantages do your experience and knowledge give you in the marketplace?

Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased/reduced demand?

Competition

How do you attract new clients and retain existing clients?

What is your reputation like among customers and peers, and how have you developed it?

Has your firm completed any acquisitions during the past three years? If so, how did this expansion affect your business model?

What incentives do you give to long-term clients to stay with your company? Do you offer any incentives to firms that refer businesses to your company?

Employees

What are the various stages of your hiring process? What specialized skills do you require your employees to possess?

How much access will I have to senior staff members? Is most work done by low-level employees?

Do you provide ongoing training or development for your employees?

What have your turnover rates been in the past 12 and 24 months? How does your firm mitigate the risks of employee turnover?

Key Relationships

From which organizations or publications do you source your data?

Which industry associations or operators do you talk to in order to research commodity markets?

Do you have information-sharing relationships with any other companies?

What information or data do you purchase?

Amidst widespread health concerns during the pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Customer Support

How do you evaluate customer satisfaction, and how frequently do you do so? Is this made available to clients?

If you encounter issues or your client is not satisfied, what steps do you take to address the issue?

Do you offer 24/7 customer account and technical support services?

Do you have online auto-renewals? Can I manage my account online?

Can I pause our subscription if my business is experiencing financial hardships during the pandemic? What other accommodations are you offering clients?

Accuracy

How do you ensure the accuracy of your forecasts?

How do your forecasts compare to actual price movements?

How often do you find errors after documents have been finalized?

Who normally identifies errors when they occur?

Are your forecasts already taking into account the economic impacts of the pandemic?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should request detailed cost breakdowns for each forecast.

Buyers should explain the schedule with which payments will be made.

Buyers can consult the Benchmark Price section of this report for assistance in benchmarking the desired budget.

Selection Criteria

Buyers should evaluate suppliers based on the vendor's forecast methodology, personnel qualifications and past work experience.

Buyers should evaluate suppliers based on cost.

For other selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should outline when proposals must be submitted and when bid awards will be posted.

Buyers should include any other relevant dates (e.g. presentations or final interviews) prior to the contract award.

Buyers should specify when they wish to begin receiving forecasts and how often.

Buyers should outline the length of the contract.

Evaluate major factors to mitigate risk

How risky is the supply chain?

Supply chain risk in the commodity price forecasting services market is moderate. Producing commodity price forecast reports is a labor-intensive process, so providers spend a large portion of revenue on wages. Wage trends have historically been stable and are not at risk of significant spikes. There is also little risk... Subscribe to learn more.

HIGH

MEDIUM

LOW