In this edition of Meet the Expert, we chat with Sara Crowe, Principal, Advisory Services, and former Managing Partner of BST America.
In July, TRG Screen announced the acquisition of BST America. Here Sara shares her take on the power of the two companies’ combined capabilities. (Learn more about the acquisition)
I believe my role will have the greatest impact at the intersection of data, cost, and strategy. I think it’s important to help firms stop guessing. Most organizations don’t actually know what they’re using, why they’re using it, or whether it’s delivering value. Until they have a full 360 picture, “cost optimization” is just an abstract concept. Real impact comes from turning fragmented data into decisions and making those decisions stick.
What excites me most is the combination of technology and the even deeper bench of advisory expertise we can offer together. Software alone doesn’t solve the problem. Neither does advice. Software gives you visibility; comprehensive advisory turns that visibility into action.
Industry demand for expert advisory from both our teams has only increased as the industry has grown more complex. The combination of our two firms will let us deliver unmatched strategic value across the market data lifecycle and will help our clients execute and sustain meaningful change over time.
The pace of complexity. More vendors, more data, different types of data and more scrutiny. There is a clear shift where firms are starting to treat market data as a strategic asset, not just a cost center. That shift will fundamentally change how organizations govern, allocate, and extract value from data. The firms pulling ahead are the ones shifting their mindset — treating market data as a strategic asset, not a line item to negotiate once a year.
Two things stand out. First, costs continue to rise despite increased scrutiny, prompting organizations to become much more disciplined and strategic in how they manage their market data investments. Vendor negotiations are increasingly driven by usage data, commercial benchmarking, and a clearer understanding of where data creates value, rather than simply renewing long-standing contracts.
Second, the evolution of AI is changing how organizations think about market data. As firms explore how AI will impact their organization, the value of high-quality data has increased but so have the complexities around licensing, governance and commercial models. This should be driving a stronger alignment across procurement, business, and legal teams. Organizations that can bring these perspectives together are better positioned to optimize costs while maximizing the value of their market data environment.
My advice would be to focus on three things: visibility, governance, and strategy. Get a clear view of what you have and how it’s used. Establish accountability across the organization. And approach vendor management with data and intent not just at renewal time, but continuously. The firms that do this well won’t just control costs. They’ll maximize the value of every dollar spent on data. Equally important: Since firms are racing to use AI, realize that the next phase of cost inflation will come from AI-driven consumption that firms don’t yet fully understand or have the tools to control.
We will need to watch out for new licensing models, restrictions on derived and raw data usage (and its redistribution) and the subsequent risk exposure this produces, as well as vendors reclassifying usage to capture more revenue. The biggest risk in market data right now isn’t cost. It is firms underestimating how fast the rules of the game are changing.
I love to play golf. When I was young, my dad tried to get me to play and I said, “no it’s an old person’s game.” Now (as an older person) I started five years ago and I love it! Too bad I didn’t play all those years ago – I might’ve been much better. Beyond golf, family and dogs are my passions.
Stay tuned for more expert insights in our Meet the Expert series, where we showcase the incredible talent behind TRG Screen and their contributions to the financial services industry.