Financial Market Data

Proactive and Strategic Phase (First 18 Months)

• Conducted detailed spend analysis including a comprehensive RFI to 90 suppliers for line item & usage data.
• Built usage and license inventory from RFI data.
• Implemented two successful waves of strategic sourcing.
• Instituted supplier development for the top 20 suppliers.
• Initiated supplier management.
• Developed usage policy to control costs and manage risks.

Category Management Phase (18+ Months)

• Acquired in-depth domain expertise (e.g. market research, benchmarking, supplier development).
• Implemented preferred suppliers with unlimited licensing as alternatives to entrenched incumbents.
• Implemented demand management initiatives, e.g. changes to Bloomberg’s pricing data transfer (timing and frequency) improved data quality and reduced costs.

Results: Years 1 – 3 of Category Management

• Reduced lead time for new data feed by 75%.
• Quicker and more consistent responses to audit requests.
• Category costs decreased by 20% year 1, and no cost increases within the next 3 years despite high demand from business growth – compared to 25% CAGR the previous 5 years.
• Procurement was tapped to plan the category’s budget and the category operated well within budget for the next 3 years.