Market data is a crucial and expensive success factor regarding the implementation of current business models of financial institutions. An efficient contract and license management within Strategic Market Data Management therefore plays an important role in ensuring positive economic results for banks and asset management institutions.
Challenges in efficiently managing contracts & licenses have been strongly increasing over the last years:
Organisational structure and processes in contract and license management have quite often not been adapted to the new challenges. Missing or poorly implemented processes result in lack of transparency, under-usage of existing contracts and licenses as well as cost-inefficiency. Causes are, for example, decentralised procurement processes per business unit or poorly negotiated contracts and licenses whereby volume effects/economies of scale during vendor negotiations were not realised. Missing or faulty feedback processes can lead to completely missing contracts and therefore to severe breaches. Moreover, legal restructurings/reorganisations can also lead to non-compliant market data usage.
Optimisation contract management
Establishing an active license management
Your benefits from more efficient contract and license management
Be GmbH success factors in efficient contract and license management