Market Data Cost Management Using BI
Using business intelligence software can be very useful when it comes to analyzing spend across an organization. It also helps to provide transparency across departments, teams, and business COO’s. By providing frequent and dynamic spending reporting, market data consumers and teams can get a recurring view of their costs, increases and decreases, so come year-end there are no surprises when communicating their data expenses.
One of the main ways BI tools like Tableau, Microsoft Power BI, or Qlik can enhance your reporting and cost management processes is by allowing stakeholders to dynamically view spend across a number of data fields, data hierarchies, and visualizations. Implementing this level of reporting on top of your inventory management system can give key stakeholders insight into their spend by vendor, users, data type (e.g. indexes, data feeds, research, etc.), and timeseries. In-turn once your end users reports have been customized and finalized, scaling this across the enterprise to other teams or users is more straightforward than created a bunch of ad-hoc excel reports. All of your reports sync to your main dataset or database that stems from your inventory management system.
We have found these reporting processes to be particularly useful in a number of organizations. You’d be amazed at how much unused data consumption exist after manager’s start questioning their spend and looking at the detail of what each of their users have.
Latest Industry News:
- New integration with MATLAB, the programming environment from MathWorks for algorithm development, data analysis, visualization, and numeric computation will now users using MATLAB and its Datafeed Toolbox to directly access Barchart’s OnDemand API solutions and to gain access to Barchart’s data from within MATLAB. Link
- TickSmith, a FinTech software company specialized in Big Data technology, announced today that they have achieved Amazon Web Services (AWS) Financial Services Competency status as well as Advance Technology Partner status in the AWS Partner Network (APN). Link
- New York Stock Exchange operator Intercontinental Exchange Inc. said on Thursday it plans to launch a new benchmark to replace the LIBOR, as part of global efforts to scrap its use after a manipulation scandal. Link
- Symbiont, a startup working to bring blockchain technology to capital markets, has raised $20 million in a Series B funding round led by Nasdaq Ventures and joined by Citi. Link
About S4 Market Data
S4 Market Data has over 20+ years of market data administration and vendor management experience. Based in Miami, they help financial institutions with data management, costs, and compliance. For more information, visit www.s4marketdata.com.
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