A leading crude oil refiner and trader, known for its global trading operations and refining capabilities, faced mounting costs in its data procurement processes. As the industry’s dynamics shifted and data became an invaluable asset for trading decisions, the company sought our expertise to optimize their expenses without compromising on data quality.
For the crude oil refiner and trader, accurate and timely market data was paramount to make informed trading and refining decisions. However, the costs associated with procuring this essential data were on an upward trajectory. The challenge was to ensure that the company had access to the best oil market data without incurring prohibitive costs, which could impact their trading margins and overall profitability.
Our approach combined industry expertise with a keen understanding of the client’s unique needs:
Data Usage and Subscription Review: We initiated a comprehensive audit of the company’s data subscriptions, usage patterns, and associated costs. This review highlighted areas where the company was overpaying or subscribing to redundant data feeds.
Strategic Negotiations with Data Providers: Armed with insights from our audit, we engaged in robust negotiations with the market data providers. Our objective was to secure more favorable terms that aligned with the company’s actual data requirements.
Exploration of Alternative Data Sources: To ensure the best value proposition, we also researched and presented alternative data sources that could offer similar or better quality data at more competitive prices.
Through our strategic intervention and diligent negotiations:
- We substantially saved more than $2,000,000 for the crude oil refiner and trader.
- The company maintained its access to high-quality market data, ensuring their trading and refining decisions remained informed and competitive.
This case study exemplifies the importance of regular reviews and expert intervention in the ever-evolving world of data procurement. By identifying inefficiencies, challenging cost structures, and leveraging market competition, we delivered significant savings for a leading crude oil refiner and trader.
The outcome bolstered the company’s bottom line and reinforced the value of strategic oversight in data procurement processes.