Database subscription management is a high-priority activity for financial services firms. Not surprisingly, data managers place enormous emphasis on being compliant, beating subscription costs, and optimizing subscriptions through scalable processes.
Why manage database subscriptions?
Companies use and manage data from multiple databases. In the absence of proper frameworks, they may face cost control challenges, compliance risks, and data fragmentation issues.
Overview of subscription management problems:
- Cost: Unutilized or duplicate subscriptions entail a substantial cost
- Efficiency: Non-centralized view of data, unproductive monitoring mechanisms, and manual processes create inefficiency
- Managing vendor relationships: A robust process is necessary to manage vendor relationship and optimize the cost and efficiency of dealing with data flow
- Compliance: Regulatory authorities have zero tolerance for unauthorized access to data
Can adoption of a modular approach solve these problems?
Modules of an effective solution cover all the essential requirements of financial services companies – each company can select the ones that are critical for them.
- Vendor relationship management: For transparency in managing data, vendors, and consultants, and in ensuring compliance – makes it easier to flag subscription problems, identify cheaper alternatives, etc.
- Automation: Ensures data integration, using best-in-class algorithms and techniques as well as business intelligence services (BIS) – can help streamline the creation of a transparent and accessible data mart
- Contract and compliance checks: Provides increased awareness of terms and conditions between the subscriber group and the compliance team – helps escalate cases of non-compliance
- Efficient process documentation: Essential in any thriving, dynamic company
- Customized MIS reporting: Supports strategic decision making and risk management
- End-user training: Ensures non-duplication of subscriptions and efficiency of data access
But, is the modular approach successful?
We recognize the importance of modular, customizable, scalable solutions. Companies can make significant cost savings and increase efficiency by implementing these principles. Here are some results Evalueserve has achieved by adopting this centralized and integrated process that provides complete visibility of an organization’s current subscriptions and usage with a structured process to manage the data infrastructure. We drove USD1.3 million savings for a global investment bank by centralizing its subscription management process. We also reengineered the process for a global Fortune 100 financial services firm, helping it manage data access for ~15,000 employees and ex-employees, thereby reducing effort by ~90%.
Discover the impact of improvements to 8 key areas for database subscription management in our recent whitepaper. Check it out!