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Procurement Market Intelligence Report

Springs
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Springs?

What is the average price of Springs?

This procurement report includes pricing information to help you purchase Springs. 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 Springs 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 Springs 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 Springs?

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 Springs 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 ?

Market share concentration in the spring market is low, with the top four companies (Gibbs Wire and Steel Co. Inc., NHK Spring Ltd., Leggett & Platt Inc. and American Spring Wire Corporation) accounting for less than 30.0% of total market revenue. In 2019, there is an estimated 21,000 spring suppliers... 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

How many years have you been in the spring business?

How many clients do you have? Please provide profiles of clients that fall within the same field as me.

What kinds of clients generate the most revenue for you?

Can you identify a circumstance under which you had to turn around an order within a very short time frame? Please describe the process and outcome.

Will you help to design and build customized springs?

Production Machinery

Is the production machinery that you host catered to the type of spring I need?

What is the average rate of failure?

How do you measure machinery performance?

How do you ensure that your machinery is functioning correctly?

How often is maintenance performed on your equipment?

Can you provide model and year information of your machinery?

Customization

Do you offer product specialization? If so, what are the parameters of the scope and scale?

Do you offer coating of the metal? If so, will the coating offered be applicable to my spring? Why or why not?

Are there any limitations to the number of custom orders I can make or where they are shipped?

Are there any minimums placed on the amount of customized springs I can order at once?

Supply Chain

How do you manage risk in your supply chain?

Who are your most important suppliers? How long have you been in business with them?

How and where do you source steel? Have you ever experienced a shortage or disruption in steel supply from this source?

How many suppliers do you source from?

Where are your input suppliers located?

Quality Control

How often do you experience defects with your springs? To what degree are in-process inspections and process controls carried out?

How many recalls have you had? Were they voluntary or mandated?

What problems have you encountered that created the need for recalls? How have you handled these recalls?

What types of technical issues have you experienced with this product?

What is the typical inspection process that your product undergoes?

What internal testing procedures do you use to ensure product quality?

Distribution

What is the average wait time between the product leaving your plant and arriving to your client?

What steps have you taken to ensure proper delivery?

Will I be able to track the shipment as it is on route?

Are there any limitations to your distribution network?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should include all relevant information for vendors to create a cost proposal.

Buyers should provide information about when payment will occur. For example, buyers should say whether payment is awarded upon finalization of the contract or over a period of time.

Buyers can refer to the Benchmark Price and Total Cost of Ownership sections for help creating a budget.

Selection Criteria

Buyers should specify what measures of quality they will be using to select a supplier. For example, these measures can be reputation, credentials of staff, customer service and product certification.

Buyers should choose a supplier based on the price estimate given.

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

Project Schedule

Buyers should include a deadline for proposal submittals and when the contract will be awarded.

Buyers should include a time frame for the delivery to occur and dates for suppliers to survey the work area.

Buyers should include any other benchmark dates that are relevant to the project.

Evaluate major factors to mitigate risk

How risky is the supply chain?

During the three years to 2019, the supply chain for springs has displayed a moderate level of risk. The majority of risk to the supply chain stems from iron and steel manufacturers. Steel is a critical input in the majority of springs and represents a significant portion of the average... Subscribe to learn more.

HIGH

MEDIUM

LOW