Procurement Outsourcing Services¹

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1 Procurement Outsourcing Services¹ The following overview of the procurement outsourcing services in Australia is mainly based on the information provided by IBISWorld and consists of additional information and comments by Rhenus Consulting. Industry Definition: Companies in this industry act as a third party to provide procurement services for clients, including direct and indirect procurement. Procurement outsourcing allows client companies to reduce costs, improve efficiency and enhance performance. Industry at a Glance:

2 Executive Summary: The Procurement Outsourcing Services industry has enjoyed buoyant conditions over the five years through Industry revenue is estimated to grow at an annualised 10.2% over the period to reach $93.1 million. With the industry's markets being highly diversified, it has benefited from the growing number of Australian businesses. These businesses are also increasingly outsourcing their activities, which has supported demand for outsourced procurement services. An overall increase in business confidence has backed growth in procurement activities and volumes. Some of these activities are outsourced to the industry, benefiting industry revenue. Increases in capital expenditure by businesses' customers on new capacity and processes have strengthened demand for procurement outsourcing over the past five years. The greater interconnectedness of businesses through the internet has made the outsourcing of procurement functions easier. Conditions have been positive for the industry overall, recovering strongly following the global downturn that slowed industry revenue growth. As companies became more confident in their financial outlooks, procurement activity improved, which led

3 to rising demand for industry services. Industry revenue is expected to grow by a solid 7.6% in The popularity of outsourcing as Australian businesses strive for greater efficiency is expected to back the rapid growth in industry revenue. Despite an expected fall in capital expenditure by the private sector during the year due to a wind back in mining expenditure, industry growth will be supported by positive business confidence levels throughout the rest of the economy. The Procurement Outsourcing Services industry is expected to post sturdy growth of an annualised 5.4% over the five years through , to reach $121.2 million. An increasing number of businesses outsourcing will support revenue growth over the period. Business confidence is forecast to remain positive, which will assist procurement activity, some of which will be outsourced to the industry. Expected increased capital expenditure on new capacity and processes will increase demand for industry services as Australian businesses cope with the rapid capacity expansions. Competitive Landscape Market Share: There are no major players in this industry in Australia with the four largest players being IBM A/NZ at 10%, Accenture Australia also 10%, Caggemini & Infosys both have less than 5%. Thus 70% is shared between the various other players. The industry is dominated by globalised IT consulting firms. At one end of the spectrum are niche operators providing procurement services to specialised industries and clients. At the other are well-known consulting brands with a small footprint in the industry that functions as a value add to larger supply chain consulting services. The different key external drivers which have an effect on the business are the business confidence index, number of businesses within Australia, capital expenditure by the private sector, business profits and internet connections. Key Success Factors IBISWorld identifies 250 Key Success Factors for a business. The most important for this industry are:

4 Undertaking technical research and development: Undertaking ongoing research and development of existing and new procurement management systems or access to new products under licence is important for success. Highly trained workforce: There is a need to have a good supply of quality trained procurement management staff. Ability to effectively communicate and negotiate: Strong communication skills are needed to manage clients and suppliers alike. Access to niche markets: Industry participants can gain competitive advantage through their knowledge of specific industries' purchasing requirements. Cost Structure Benchmarks Cost structures in the Procurement Outsourcing Services industry vary depending on services provided, scale and markets targeted. Overall, labour and purchases are estimated to be the largest cost for the industry. Profit: Between firms, profitability depends on a firm's ability to provide procurementrelated cost savings and the quality of the services or inputs procured. Profit margins are estimated to be slim due to the relatively low barriers to entry and competition from in-house procurement teams of customers. At the industry level, profitability is expected to have strengthened over the past five years. Industry operating profit margins are estimated to have risen from 7.8% in to 13.5% in Profitability grew as customers spent on procurement activities in a bid to strengthen their own profit margins following the global downturn. Industry profitability is expected to continue to improve over the next five years. Margins are expected to improve as slower growth in enterprise numbers helps match capacity with demand. The resulting decreased competition will enable the remaining firms to widen their margins.

5 Wages: Wages are a large industry cost, at an estimated 53.0% of revenue. The industry spends such a large amount on wages due to its reliance on highly skilled employees with knowledge of optimum procurement sources. Wage costs as a percentage of revenue are estimated to have fallen slightly over the past five years. This was partially due to a tighter labour market enabling industry operators to be in a slightly better bargaining position in terms of negotiation compensation. Wage costs as a percentage of revenue are expected to remain relatively constant over the next five years. Other: Other costs generally take the form of subcontracted labour, insurance fees, and transportation fees for client facing staff. This is in addition to marketing and advertising expenditure, fees paid for professional services (such as legal and auditing expenses), and other general overheads. This segment is expected to stay stable over the next five years. Rent and utilities make up a small proportion of revenue, due to the service based nature of the industry, and depreciation accounts for a relatively minor proportion of revenue. The major capital costs are computers and other associated technology expenses. Purchases: Purchase costs are minimal. Firms in the industry generally research and then advise on the best procurement sources for customers and as a consequence will have very little purchase costs. However firms that purchase the procured service or products on behalf of their customers will have much higher purchase costs. Purchase costs as a percentage of industry revenue are expected to have increased slightly as the industry has outsourced some of its functions.

6 Basis of Competition Competition is strong between niche players in the industry and firms with a more general focus but better global networks. As the industry grows, both external and internal competition are expected to increase. Internal competition: Many larger industry participants offer supply chain, information systems and related consultancy services as well as procurement outsourcing services. The consulting operations of larger firms create a client base for their procurement outsourcing practitioners to target. Niche players, on the other hand, compete on the basis of their detailed knowledge of industry sourcing requirements. This can include knowledge of regulations and practices current in the sourcing location, technical knowledge of input specifications or knowledge of industry practices.

7 External competition: The industry competes partially with wholesalers, which provide similar services such as negotiation with suppliers to optimise prices. Wholesalers have traditionally imported and sourced inputs to meet the needs of their clients. Wholesalers are more established than the Procurement Outsourcing Services industry, both in terms of client base and international presence. A secondary source of external competition is the activities of leasing and hire industries, which include companies such as Coates Hire. Like wholesalers, lease and hire companies take on the responsibility of sourcing machinery and equipment on behalf of clients. Barriers to Entry The industry is largely self-regulated, which means that compliance-related barriers to entry are low. Other barriers to entry are considerable, however, and relate to the need for industry participants to establish credibility with clients. For example, potential new entrants need to be able to attract appropriately qualified staff, often with niche knowledge relating to the major markets an enterprise hopes to target.connections to international networks for procurement are also critical, as the supply chains of Australian companies become increasingly globalised. Potential new entrants need to develop an understanding of overseas and domestic regulations surrounding import and export of goods. The establishment of ongoing relationships with overseas suppliers and an understanding of overseas business practices are further barriers to entry. Aside from skilled employees and industry knowledge, brand awareness and recognition need to be developed by new entrants. Marketing expense can increase the cost of entry into the industry. Industry Globalisation: This service industry excludes imports and exports; however, expertise in global markets is an important factor in the provision of procurement services. The industry's largest players are foreign owned and connected to global networks for effective procurement management. Although foreign-owned enterprises are expected to account for less than 25% of revenue, the importance of an overseas presence and knowledge of international markets to industry participants cannot be overstated given the globalised supply chains of the industry's major markets. Industry operators provide third-party procurement services that tend to be concentrated around negotiation with suppliers on behalf of clients and the planning

8 of supply chain logistics. Industry Products: Direct procurement: Inputs to production and categories of goods used in a client's core business are part of direct procurement. The exact nature of the goods and services classed in this product segment depends on clients' business models. Direct procurement is less established as a service as there has traditionally been enough scale within companies to make in-house procurement teams for direct procurement economic. This has changed as supply chains have increased in complexity, with increasingly specific geographic or product knowledge required to keep a steady flow of inputs or inventory on hand. Indirect procurement: Indirect procurement is the industry's more established service offering. Indirect procurement is the procurement of goods and services ancillary to an enterprise's core business. These include categories like fleet management, utilities, IT services, HR services, travel services, marketing services, facilities management services and office management services. Many of these products and services are purchased infrequently or on an ad hoc basis by companies. Organisations often lack the skills and experience to deal with these kinds of suppliers as a consequence, which is an opportunity for niche procurement outsourcing players. Over the past five years, this segment's share of revenue has declined due to the faster growth of direct procurement. Customer base: Retailers: Australian retailers are the largest market for industry services. In addition, they have grown the most strongly over the past five years. Difficult trading conditions in these years have provided strong incentives for retailers to closely manage costs. Prominent retail chains such as Myer department stores have announced direct sourcing strategies in the past five years, highlighting trends of wholesale bypass. In addition, the strengthening Australian dollar has increased incentives to import inventory. As more sourcing has moved overseas, the need for procurement services has grown in this market. 36% market share Manufacturers:

9 Manufacturers, like retailers, have struggled to remain competitive over the past five years. Stronger terms of trade, high labour costs and skills shortages have resulted in a decline in re-investment in capital stock in Australia. Many large manufacturing companies have established new production facilities overseas instead of in Australia, or have moved towards assembly of unfinished goods in domestic facilities rather than end-to-end production. As with retail markets, increased reliance on overseas sourcing has provided opportunities for industry participants in this market. 32.1% Market Share Construction and mining firms: Construction companies have high direct purchase costs and have project-specific indirect costs, and the same dynamic is at play in mining industries. In both markets, the speed required to complete projects creates a role for outsourcing, as do skill shortages. This segment is expected to decline over the next five years, as the mining industry slows investment. Construction: 8.6%, Mining: 3.2% Other: The other segment represents a broad cross-section of industry activity. Large markets within this segment include utilities, agriculture, accommodation, food services, transport and government. The industry is more likely to provide these markets with indirect rather than direct procurement services. This segment is forecast to expand over the next five years, as the manufacturing and mining sectors shrink as a proportion of the economy. 20.1% Market share ¹Source: IBISWorld

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