By assessing and streamlining their Commercial Data vendor contracts, a large biopharmaceutical client was able to realize millions in annual savings with Vynamic’s help. Read how Vynamic helped our client identify 80+ redundant data deliverables and set up a playbook to optimize future data purchases.
A large biopharmaceutical company had recently acquired another company and identified an opportunity to consolidate commercial data contracts. The commercial operations function approached Vynamic to assess data contracts across global franchises and identify opportunities for savings, while ensuring business continuity.
Once the ink has dried on an acquisition deal, the real work begins. With high expectations, competing priorities, tight budgets, and ambitious timelines, it is essential to ensure that all stakeholders are aligned on a project’s objectives from the onset. This principle was foundational to Vynamic’s approach to assessing where data procurement efficiencies could be achieved. The following key actions were taken:
Developed a Comprehensive Contract Inventory
Coordinated with Procurement, the Commercial Data Team, and external data vendors to aggregate a complete inventory of US and international data contracts across the legacy organizations. This inventory established the foundation to easily compare contract terms to identify purchase overlap and potential savings opportunities.
Engaged and Empowered Stakeholders
Reviewed the data contract inventory with each respective commercial franchise lead to determine which purchases would require renewal, consolidation, or termination. By empowering the franchise leads to provide their inputs we were able to establish trust as a center of excellence for future data contracting. The collaborative approach enabled the effective transfer of budgets to fund the centralized purchasing, while also providing savings across individual franchise budgets.
Partnered with Data Vendors
Consulted with external data vendors to review and affirm the duplicative data purchases. By involving the data vendors directly in the analysis phase of the project we were able to ensure transparency and business continuity throughout the renewal and consolidation negotiations.
Future-Proofed Data Contract Renewals
Created a Data Contract Renewals Playbook for the commercial data team to leverage in future renewal cycles. As part of the documentation, we outlined the process for actively updating the data contract inventory in real-time as purchases are made to centralize the information, ultimately saving time and avoiding duplicative data purchases.
With Vynamic’s help, our client was able to identify 80+ overlapping data deliverables and facilitated the centralization and negotiation of the data purchases, resulting in ~$3 million in annualized savings. Along the way, the project team identified opportunities for digital transformation and data management to enable process standardization and efficiency in future data contracting and renewals.