Vendor compliance audits
Firms consume a broad range of services — such as market data, research, software & information services — in order to meet their complex business needs in today’s subscription economy. Enterprise subscriptions seem to be everywhere. Not surprisingly, the sources of data have come to realize this as well, and want to protect their intellectual property rights as well as their revenues.
On the other hand, distribution, control, reporting of these enterprise subscriptions and their usage has become a real challenge for many organizations in a world where staffing levels in data management departments have only gone down. With the number of vendor compliance audits having increased dramatically in recent years — and substantial back bills as a result — many data & information managers realize it is time to act.
“TRG Screen’s spend management solutions create full transparency and secure compliance with all of our vendor & exchange agreements.”
Vendor contract compliance challenges
Understanding in-house consumption of all vendor data and ensuring compliance with the terms & conditions of your enterprise subscription agreements is a challenge. The vendor contract compliance problem often revolves around institutions’ lack of transparency into actual data usage of information services they pay for.
This particularly applies to firms managing large volumes of contract clauses across hundreds of suppliers. Compliance with the varying terms across multiple vendors is difficult to manage. However, a professional enterprise spend management system can solve this problem by managing netting, MISU, contract eligibility rules and calculation of complex pricing structures.