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

Strategic Sourcing Guide to Market Data Subscriptions Procurement

Overview

A changing ecosystem within the Market Research market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Market Data Subscriptions. Most suppliers of Market Data Subscriptions are moving up the value chain and offering integrated services that go beyond just Market Data Subscriptions. Buyers are increasingly collaborating with vendors who can offer one-stop solutions as they now have fewer suppliers to manage and can achieve greater cost savings that arises out of awarding a larger contract to a supplier.

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 Subscriptions, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

Market Data Subscriptions Procurement Best Practices

The report discusses in detail the best practices that have served well the category managers responsible for Market Data Subscriptions procurement.

For example, 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 must provide all key requirements in detail and ensure that service providers offer precise details regarding processes, systems, manpower, and expected outcome. Regular and effective communication between buyers and service providers are crucial during the contract formation phase, as well as across different phases of the project.

Adequate RFP response time should be built in for prospective suppliers to enable them understand the scope and performance requirements.

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Risks in Market Data Subscriptions procurement

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

Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance
Talent crunch leads to poor performance of the firms with respect to project outcomes. It also results in the loss of confidence of buyers over their service providers
Legal risks arise when the methods used violate a law of the land. Such risks lead to financial loss to the service provider as they pay huge penalties. It also leads to significant reputational damage to the service providers, thereby leading to a potential reduction in their client base

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Who should read this report

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

You may have just initiated your research to design a winning Market Data Subscriptions 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 Subscriptions 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 Subscriptions 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 Subscriptions market?
What is the correct price to pay for Market Data Subscriptions? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Market Data Subscriptions Suppliers Market?
Who are the top Market Data Subscriptions suppliers? What are their cost structures?
Which negotiation levers can reduce Market Data Subscriptions procurement cost ?
What are supplier margins in Market Data Subscriptions market?
What are the best practices for Market Data Subscriptions 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 Subscriptions Category Insights: What is inside

The Market Data Subscriptions 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 Subscriptions 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 Subscriptions. 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 Subscriptions 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 Subscriptions 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 Subscriptions 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.