A complete buyer's guide that provides comprehensive insights on Financial Data Services category spend, spend growth and regional segmentation; in-depth price trends; negotiation levers and analysis of Financial Data Services suppliers.
GET FREE SAMPLEEcosystem of the global Financial Data Services category is intertwined with the larger parent market of Financial. Our category definition describes that overall Financial market includes all spend related to the provision of financial services used to fill a skills gap for the defined subject areas where the service requirement includes delivery or implementation.
Financial market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Financial Data Services procurement and the cost they have to incur. Many suppliers are investing in automation technologies such as AI, robotics, machine learning and big data to optimize their business operations and offer new services to their customers. However, a part of this investment is also passed to buyers in the form of high prices being charged for value added services. More and more buyers of Financial Data Services are looking to engage suppliers who adhere to lean principles of business operations in a bid to receive services and resources that are highly optimized and insulates in part from cost overruns. Lack of skilled in-house manpower continues to be the largest factor for hiring of Financial Data Services.
As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Financial Data Services category procurement. The report offers a succinct analysis of Financial Data Services procurement best practices. For example, Category managers must ensure that they have clearly identified and listed down potential negotiation levers to maximize the value of their category spend before entering into contract-related discussions with service providers. Common negotiation levers to maximize value include deadlines, terms related to payments, (including fees, expenses, and payment timelines) and assistance required from the buyer's organization. Buyers should engage suppliers that can provide services customized for their industry. Though most suppliers offer services across various industries, category managers should ensure that services can be customized and negotiate on pricing based on the level of required customization. Cost saving opportunities may reduce exponentially in relation to the time left for current contract to expire or required timeline to start the engagement. Therefore sufficient interval should exist between initation of new procurement and expected start date of the new contract for Financial Data Services.
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Financial Data Services procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Financial Data Services procurement. Some examples include:
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The report is intended to serve as a one-stop reference guide for Financial Data Services procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Financial Data Services: Procurement Report 101” as well as for category experts actively tracking the global Financial Data Services procurement market.
You may have just initiated your research to design a winning Financial Data Services procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.
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Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!
The Financial Data Services procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:
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The Financial Data Services market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.
A key highlight of this report is the in-depth outlook created on Financial Data Services procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Financial Data Services. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.
Along with specific category and supplier intelligence, the publication also includes curated insights on Financial Data Services market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.
Additionally, the report also advises on the best practices and strategies to manage the Financial Data Services category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.
Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”
SpendEdge presents a detailed picture of Financial Data Services procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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