Increasingly through regulatory policies and industry best practices, clients need to fully assess the overall operational, financial and reputational risks it has with its key data suppliers. Investment Data Licensing Advisors has the experience to develop integrated programs that allows clients to create scorecards and benchmarks on the complete effectiveness of its core data sourcing programs. These customized scorecards monitor items from data quality and vendor notifications to cost and usage rights management and will integrate various key performance indicators (KPIs) to create highly effective scorecards including:
- Data vendor spend analysis and budget forecasting
- Third party data usage restrictions adherence
- Industry cost comparisons and benchmarking
- Alternative sourcing strategies
- Data quality KPIs
- Vendor notifications, alerts and remediation effectiveness
- Risk profile based upon business criticality
- Negotiation effectiveness barometers
In the end, these bespoke scorecards will increase a client’s effectiveness in managing data usage and cost risk, but also assisting in optimizing its negotiation strategy for future data vendor agreements.
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