Optimal Market Data Demand Management 🚀
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Getting to optimal demand management requires several things.
It starts with an understanding of the workflow:
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Surveys are another highly effective way to collect feedback from consumers on service demand 📑
Surveys provide confirmation that a consumer would like to be included in a renewal. They also capture cancellation orders, which can drive significant savings. This becomes even more powerful when aligned with usage data, giving the consumer insight into whether the level of usage is worth the price tag.
Surveys can be leveraged in two ways, and it depends on the resources and workflows of each client.
1️⃣ First is the broad certification exercise. This is when the full spend inventory is distributed firm-wide and consumers are asked to ‘keep or cancel’ all their spend. Handling the responses can present a heavy administrative burden as a high volume of cancellation requests can be received. The benefit is that there are significant savings to be realized each time this exercise is performed.
2️⃣ The alternative is more operational in nature as consumers are surveyed in advance of each renewal. The best practice in this approach starts with the contract renewal notification, when a survey is generated for the specific services under contract. This simplifies the survey, making it easier to respond while providing timelier answers. It’s a more agile process that avoids a major project, since the survey is built into the renewal process.
Both approaches allow firms to ensure that renewals are only provided for consumers that need the services, eliminating over licensing.