Learn about actual and potential costs
How much should I pay for Drilling Tools?
What is the average price of Drilling Tools?
This procurement report includes pricing information to help you purchase Drilling Tools. 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 Drilling Tools 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 Drilling Tools 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 Drilling Tools?
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 Drilling Tools 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 market for drilling tools has a moderate level of concentration, indicating that the top four companies account for between 30.0% and 50.0% of revenue in 2020. The significant up-front costs associated with manufacturing drilling tools have largely prevented the entry of new vendors into the market. Moreover, challenging conditions... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
What is your reputation like among customers and how have you developed it?
How do you win and retain business?
What sets your product apart from your competitors'?
Do you offer any value-added products or services that your competitors do not?
Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased or reduced demand?
Are there any incentives for repeat customers?
What promotional deals exist for bulk buyers?
What additional products or services do you offer separate from the purchase of this equipment?
Do you offer any complementary products or services with the purchase of this machinery? If so, what are they?
Could you provide a list of your domestic and international distribution facilities?
Do you allow clients to use their own shipping, transportation or delivery method?
How do you ensure timely and accurate shipping?
Where are your manufacturing facilities located? What about your warehouses? What product or service does each location provide?
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Key elements for every RFP
What should my RFP include?
Buyers should state their budget designated for the drilling tools required.
Buyers should provide a breakdown of their budget, stating whether the budget includes additional costs such as shipping and handling.
Buyers should consider the performance of the drilling tools being offered by vendors, using reviews and client testimonials to assess this trait.
Buyers should consider the price of each drilling tool when selecting a vendor.
Buyers should consider the reliability of the drilling tools and their expected lifespan under normal conditions and usage.
Buyers should provide details regarding the key dates throughout the RFP process, such as the final dates to submit questions and proposals.
Buyers should provide details regarding delivery schedules, including the date on which the first delivery is expected and the dates of any additional deliveries from there on out.
Evaluate major factors to mitigate risk
How risky is the supply chain?
The supply chain risk for drilling tools is moderate. Key inputs such as iron and steel products are subject to frequent price swings due to their commoditized nature. This price volatility can force suppliers to elevate tool prices to maintain profitability, thereby restricting buyer power. For instance, when prices for... Subscribe to learn more.