BST was hired by a global bank as the outsource arm for their market data administration. Four of our consultants were engaged for two years on invoice reconciliation, RPM management, process control and data quality enhancement on the firms’ MDM inventory system. During our contract, BST brought all invoice payments up-to-date, corrected entries in the MDM system, enhanced the end user ordering process, and recommended several automated processes to improve time of delivery to end users. After two years the firm decided to hire all four consultants to run the processes inhouse.
Managed Services
BST Managed Services is representative of the outsourcing services of past years, however with our own distinctive spin. Managed services can take many formats from a single service to a fully outsourced market data team. BST will work to design a program that meets the precise specifications of each client.
Managed services typically fall into two categories:
- Outsourced on BST’s site: service is managed and perform at BST’s offices
- Managed on the client site: service is managed by BST at client’s offices
INVOICE RECONCILIATION
This is one of the most common managed services. Our managed service allows you to off-load this tedious task to our experienced analytical team. Although we will design this service to meet the specific needs of our client, in general BST can re-direct the invoices to a P.O. Box, collect and analyze the invoices against inventory (a. provide access to your inventory system, or b. schedule a periodic distribution of inventory files to us), provide discrepancy reports, resolve discrepancies, move the process from validation to the creation of specific GL reports to Accounts Payable for payment of reconciled invoice, create bill-back reports per business unit, provide updates to inventory team or implement updates if required.
INVENTORY UPDATES
Inventory management and update into inventory system, keeping track of adds, moves and changes (including uploads from Bloomberg, DACS, HR, SAP, etc.) including price adjustments, user by user profile management, exchange reconciliation (MISU), etc. This may or may not include working directly with vendors.
REPORTING
Create monthly reports characterizing vendor trends, increase/ decrease in spending, data access declarations (DADs), service usage and MISU reports, reporting analysis, statistical reports, self-certification management and reporting, forecasts, finance reports for internal use, etc.
MANAGEMENT OF ADMINISTRATION
BST can put a team in place at the client site, along with a Hub manager to handle all tasks associated with market data management, including sourcing.
VENDOR AND CONTRACT MANAGEMENT
BST can manage (internally or externally) all or a portion of commercial sourcing for information and/or market data. Experienced vendor management and negotiation professionals can become the point of contact for a specific vendor or a set of vendors to manage all purchasing decisions and contract renewals. Alternatively, we can handle only renewals and/or addition of data sets within a specific vendor. This service is tailored to the clients’ specific requirements.
Case Study
