Market Data Demand Management
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Optimal Market Data Demand Management 🚀
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.
Transform Workflows and Secure Early Return on Investment 💲
"By putting these tools to use, TRG Screen clients have experienced significant returns on investment through workflow efficiencies, cost savings and cost avoidance."
Using Optimize Spend Certification & Surveys, a Chicago based financial services company transformed its renewal process. The market data team has become proactive and in control of its processes, reporting that:
Another client stated that:
A large sell-side client reported a substantial return on investment using Optimize Spend Certification & Surveys in concert with Optimize Spend Order Management. In the 24 hours after sending their survey in an annual certification exercise, they received over 500 cancellation requests from their user base.
Summary
Teams managing subscriptions such as market data are the strategic gatekeepers. They are tasked with containing costs and driving strategic savings. They face significant headwinds due to fee increases from suppliers but are still expected to deliver savings. They need tools and approaches that can maximize the expense value for their consumer communities.
TRG Screen has developed an industry-leading set of tools that help market data consumers proactively manage this spend and gain leverage in vendor negotiations.
With TRG Screen tools, our clients are making the journey from reactive to proactive. They are taking control of their spend and transforming their teams into strategic partners with both vendors and business units.
Advancing from a reactive to proactive position allows teams to contain costs and achieve savings.
Ready to optimize your Market Data Demand Management? 🚀
