SIG University Certified Sourcing Professional (CSP) program graduate Jason Feldman provides an example of corporate market data renewal and how it applies to sourcing.
As part of the CSP course requirement, I wish to apply some lessons from this ten-week course and explain my role as a Strategic Market Data Sourcing executive at The Bank of New York Mellon Corporation. I plan to take us through a corporate market data renewal example and will touch upon course material from ‘Week 2’ (Strategic Sourcing_2020) and ‘Week 9’ (Cross Functional Teams_2020).
Financial Market and Reference Data are data issued by a trading venue or a data supplier, such as a stock exchange or a private company label, to inform traders, analysts, bankers, and investors about the latest prices of financial instruments such as shares, derivatives, commodities, indices, and currencies. The data provided may be real-time-delivered, historical, or a combination of multiple time series.
Look at an upcoming contract data renewal for services utilized within the Bank of New York Mellon Investment Management organization. The data analyzed are benchmark indices used for portfolio management, data analyses, and reporting on external client portfolio holdings.
As the strategic procurement negotiator for this renewal, there are multiple hats to be worn, and I will start by building a cross-functional business team consisting of the following:
Jason M. Feldman, Market Data Sourcing and Vendor Management, BNY Mellon
Procurement is entering a new era of increasing complexities in which traditional measures of success such as cost savings are no longer the sole focus.
Instead, and as reported in the Deloitte 2021 CPO Survey, "changing business dynamics and increasing layers of complexity" and corresponding "expectations" are transforming the way the industry thinks and acts.
For example, new and more challenging areas such as "climate change, geopolitical stability," and "increasing societal expectations" are now part of the new equation.
The introduction of these emerging variables is causing organizations to re-examine their digital transformation strategies, including how Artificial Intelligence (AI) can help them address the industry's challenges.
The SIG Survey
In 2021 SIG surveyed 100 procurement professionals from Fortune 500 and Global 1000 organizations on digital transformation and AI in procurement.
Based on the results, it is clear that those responding to the survey believe that "procurement's priorities lie with how AI technology can streamline the roles and processes to deliver meaningful and sustainable results."
Unfortunately, and despite the opportunity for more significant gains, the survey reports that "several obstacles" make it difficult for organizations to "bridge the divide" between the promise of digital AI and the realization of its optimal benefits.
Crossing the Divide
Understanding the importance of AI and identifying the challenges with realizing its potential to redefine and empower procurement to achieve critical objectives is the first step to crossing the aforementioned divide.
Mary Zampino, Vice President – Content, Research & Analytics
 (1).png "How AI Will Transform Procurement")
Corporate Market Data Renewal
SIG University Certified Sourcing Professional (CSP) program graduate Jason Feldman provides an example of corporate market data renewal and how it applies to sourcing.
As part of the CSP course requirement, I wish to apply some lessons from this ten-week course and explain my role as a Strategic Market Data Sourcing executive at The Bank of New York Mellon Corporation. I plan to take us through a corporate market data renewal example and will touch upon course material from ‘Week 2’ (Strategic Sourcing_2020) and ‘Week 9’ (Cross Functional Teams_2020).
Financial Market and Reference Data are data issued by a trading venue or a data supplier, such as a stock exchange or a private company label, to inform traders, analysts, bankers, and investors about the latest prices of financial instruments such as shares, derivatives, commodities, indices, and currencies. The data provided may be real-time-delivered, historical, or a combination of multiple time series.
Look at an upcoming contract data renewal for services utilized within the Bank of New York Mellon Investment Management organization. The data analyzed are benchmark indices used for portfolio management, data analyses, and reporting on external client portfolio holdings.
As the strategic procurement negotiator for this renewal, there are multiple hats to be worn, and I will start by building a cross-functional business team consisting of the following: