Market Data Analytics | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Market Data Analytics Procurement

Overview

Several macro changes in the dynamics of overall Market Research as well as Market Data Analytics procurement trends are poised to change the business practices and procurement thumb rules. There are only a handful of \"Tier 1\" vendors in the Market Data Analytics market and they have traditionally enjoyed a premium in their pricing. However, Tier 2 suppliers are giving them a tough competition now as they can provide similar services at a lower cost. Many tier 2 suppliers achieve this parity by finding right talent at a relatively lower cost and maintaining lean operations without any frills.

Service providers are increasingly investing in the adoption of automation software and advanced technologies to realize process efficiencies, broaden their service offerings and reduce time to market. This is increasing their OPEX, which will be passed on to buyers in the form of slightly higher procurement costs.

New locations and vendors are emerging as cost effective suppliers of Market Data Analytics, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.

Market Data Analytics Procurement Best Practices

It has become imperative for category managers to remain as agile as possible in terms of their procurement practices. However, it is not always easy to quickly spot and implement alternative practices in a category like Market Data Analytics. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Contract should outline the expected levels of service with respect to recruitment of panel, data interpretation, relevance of technologies used, outcomes expected and other related processes by the service provider.

Buyers should engage with service providers through a rate card model. Within the rate card model, Customers are provided with rate cards that contain pre-determined prices for various activities and resources required for the project. Price is fixed based on per resource hour for different job roles. This pricing model ensures that there is optimal utilization of supplier's resources.

Buyers can optimize the costs by arriving at right sourcing mix through an alignment of in-house capabilities with outsourced functions. Buyers can use in-house capabilities for project-specific requirements that can be resolved internally. Third-party providers should be engaged based on their expertise and project-specific requirements that require capabilities not present in the buyers' organization.

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Risks in Market Data Analytics procurement

Market Data Analytics procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Market Data Analytics procurement. Some examples include:

When requirements of the buyers are not absolutely clear or usage patterns are not stable or predictable, suppliers often build in \"cost buffers\" for unforeseen risks due to a lack of complete understanding on buyer's requirements. This increases the risk of overspending on Market Data Analytics
Pricing terms in the contract could prove to be inadequate to safeguard the buyer from impact of a sudden increase in supplier's cost, often arising from a lack of clarity on scope of products or services to be delivered
Procurement without consulting the actual users of Market Data Analytics may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed

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Who should read this report

The report is intended to serve as a one-stop reference guide for Market Data Analytics 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 “Market Data Analytics: Procurement Report 101” as well as for category experts actively tracking the global Market Data Analytics procurement market.

You may have just initiated your research to design a winning Market Data Analytics 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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Key questions on Market Data Analytics procurement answered by this report

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 Market Data Analytics 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:

What is the spend potential in the Market Data Analytics market?
What is the correct price to pay for Market Data Analytics? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Market Data Analytics Suppliers Market?
Who are the top Market Data Analytics suppliers? What are their cost structures?
Which negotiation levers can reduce Market Data Analytics procurement cost ?
What are supplier margins in Market Data Analytics market?
What are the best practices for Market Data Analytics procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Market Data Analytics Category Insights: What is inside

The Market Data Analytics 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.

Data

A key highlight of this report is the in-depth outlook created on Market Data Analytics procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Market Data Analytics. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on Market Data Analytics 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.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the Market Data Analytics 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.

Category Ecosystem

Buyer and supplier ecosystem
Competitiveness index
Buyer and supplier power
Threat of new entrants and substitutes

Global and Regional Sourcing Insights

Category spend
Spend growth
Dynamics
Opportunities

Pricing and Cost Analysis

Pricing outlook and data
Drivers of pricing
Cost structure and inputs cost
Total cost of ownership
Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

Buyer and supplier side levers
Quantified cost saving opportunities
Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

Procurement excellence
Sustainability and innovation
KPIs and category enablers
Risk management and outsourcing

Vendor Analysis

RFx essentials and selection criteria
SLAs
Supplier evaluation metrics
Detailed supplier profiles

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?”

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Category Research Framework

SpendEdge presents a detailed picture of Market Data Analytics 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.