There are few categories of indirect spend that are more challenging for corporations to manage than external, "third party" data and content. Every firm of any size has this expense: from the small wealth management office with a couple of FT.com subscriptions and a Bloomberg terminal to multinational financial services firms with hundreds of millions in annual spend on thousands of vendors. Invariably, no matter the profile of your firm, there are ways to reduce costs and improve your administration of this category.
I want to help. That's the goal, anyway.
The complexity of managing this category are only increasing. Consider just a few drivers:
- The proliferation of suppliers, content types, and delivery platforms;
- Increasingly sophisticated capabilities of internal IT departments;
- The variety of pricing and licensing structures for companies to choose from;
- Enhanced regulatory requirements governing commercial relationships like GDPR; and
- Internal demands from companies to manage and allocate costs are all driving increased interest in, and demand for, a rigorous and accountable approach to third party content management.
I will be covering the full life cycle of third party content from user and business needs assessment to demand management to business library administration to cost allocations. No matter the extent of your role, if you touch on anything related to market data or external content, there should be something of value to you here.
- Kevan Huston