Learn about actual and potential costs
How much should I pay for Financial Data Services?
What is the average price of Financial Data Services?
This procurement report includes pricing information to help you purchase Financial Data Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Financial Data Services been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Financial Data Services yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Financial Data Services?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Financial Data Services with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Experience and Expertise
How long have you provided these products to your longest-tenured client?
What qualifications does your staff have and what measures do you take to keep those qualifications up to date?
What industry do you most commonly supply this product for?
To what extent will ordering multiple products from your firm allow me to save on costs?
What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?
Supply Chain Risk
Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?
Has the availability of raw materials tightened due to the coronavirus outbreak?
Over the past three years, what percentage of your revenue has been dedicated to labor?
How have fluctuations in input prices affected the prices of your products during the past three years?
How do you mitigate sudden price increases in raw materials?
When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?
How, if at all, has your supply chain been affected by import tariffs levied in 2018?
How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?
How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?
What ongoing training procedures do you provide for your staff?
Have you ever been found to be noncompliant with regulatory frameworks?
Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
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Key elements for every RFP
What should my RFP include?
Buyers should specify their budget for the financial data services.
Buyers should provide alternative budgets, if available.
Buyers should provide a list of nonessential services that can be removed if needed, or trimmed down if the budget is exceeded.
Buyers should provide information regarding whether the budget includes hardware installation, system assembly and training. If these services are not accounted for in the budget, buyers should provide a budget for additional services that may be needed.
Buyers should consider the services available from each vendor and place a heavier weight on the vendors that can match their needs.
Buyers should consider the accuracy of the data being provided.
Buyers should take into account the cost of the services.
Buyers should consider the reputation and experience of the supplier.
Buyers should provide a list of key dates during the RFP process, including the final date to submit questions and final bids.
Buyers should include key benchmark dates, such as the date by which implementation of the new system must occur and the dates on which user training should occur.
Buyers should specify the desired length of the contract and request future contract renewal terms.