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.
Featured Photo by Markus Spiske on Unsplash
Previous PostBuy Desk Managed Service
Next PostTelecom