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Procurement Market Intelligence Report

Information Retrieval Systems
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Information Retrieval Systems?

What is the average price of Information Retrieval Systems?

This procurement report includes pricing information to help you purchase Information Retrieval Systems. 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 Information Retrieval Systems 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 Information Retrieval Systems 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 Information Retrieval Systems?

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 Information Retrieval Systems 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 information retrieval system market, which contains about 500 suppliers, has a high level of market share concentration. ProcurementIQ estimates that the top four suppliers account for more than 50.0% of the market's total revenue. High concentration indicates that the top suppliers have a strong position in the market, in... 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?

Customer Support

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

Does this license include customer support, or will I have to pay extra for service?

Does this license include installation, or will I have to pay extra for this service?

How have you changed your information retrieval systems in response to customer complaints and suggestions?

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

Do you have a step-by-step process to handle client issues or complaints? What does that look like?

COVID-19

Do you source materials with high exposure to market disruptions resulting from the coronavirus? How are you coping with these disruptions?

How diversified is your supplier base for inputs? Do you source from multiple suppliers in different global regions?

Amidst widespread health concerns, 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?

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

Will the outbreak of coronavirus limit your ability to provide software updates and customer service?

Qualifications

Do you have case studies or client testimonials detailing the quality of your information retrieval systems? Can we speak to or visit a current client about their experiences?

Tell me about similar information retrieval systems you have worked on in the past. What challenges did you face and how did you overcome them?

How have you handled scaling clients' systems as they grow?

On average, how many years of experience does your staff have in this field? How does that measure up to the industry average?

Competition

How does your firm maintain a competitive edge?

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?

How do you market your services to potential clients? Do you rely heavily on repeat buyers?

Quality Control

What checks and balances are in place to ensure that my project has received a thorough evaluation? Who completes these checks and identifies errors?

Who normally identifies errors when they occur?

How do you balance quick turnaround times with service accuracy?

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

Employees

What are the various stages of your hiring process?

What specialized skills do you require your employees to possess?

How do you recruit and retain senior staff?

How do you keep your wage costs under control?

Are there records that show prior training and certifications available for all members of the company?

Budget

Have you ever had challenges with costs beyond what was budgeted in your contract? What changes have you made as a result of those experiences?

What cost-saving measures do you employ at your firm?

Who is in charge of maintaining project budgets? Is it someone on the key team or an outside eye?

What contingencies are built into your budget, and how frequently are those contingencies used?

Does the software license include a resale license agreement?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should specify their budget for purchasing an information retrieval system.

Buyers should specify their preferred terms for invoicing and payment.

Buyers should explain whether they wish to bundle any other software solutions with their purchase of an information retrieval system to achieve a discount.

Buyers can reference the Benchmark Price section of this report to verify that they are receiving a competitive price.

Selection Criteria

Buyers should evaluate potential vendors based on their ability to meet the functional requirements described in the RFP.

Buyers should evaluate potential vendors based on their ability to provide a superior level of customer service.

Buyers should evaluate potential vendors based on their ability to provide regular enhancements and upgrades.

For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should specify the final date by which proposals must be submitted for consideration.

Buyers should include the date by which they expect the information retrieval system to be implemented.

Buyers should provide the date when vendors will be notified about contract awards.

Buyers should indicate the date by which they expect demos to occur, if applicable.

Evaluate major factors to mitigate risk

How risky is the supply chain?

Supply chain risk for information retrieval systems is low. Changes in upstream markets do not heavily affect information retrieval system suppliers because they rely primarily on labor. However, there is some risk associated with the hiring of skilled and educated computer programmers needed to develop information retrieval systems. Fortunately, while... Subscribe to learn more.

HIGH

MEDIUM

LOW