New Report From The Conference Board Features Best Practices in Managing Information Vendor Portfolios

News provided by

Nov 30, 2010, 12:00 ET

NEW YORK, Nov. 30, 2010 /PRNewswire/ -- A new report from The Conference Board outlines a set of best practices in acquiring and managing licensed information resources, with a focus on controlling costs.

The report, part of The Conference Board Council Perspectives™, is based on discussions, interviews and other relevant data from The Conference Board Information Research and Management Council, a group comprised of senior information professionals from leading organizations.

To gain the most value, information executives must implement a content management strategy that maximizes use, controls costs and reduces usage restrictions, while being aligned with the company's strategic direction. "An investment in vendor resources and services that is based on strategy is becoming increasingly important," says Barbara Hirsh, chair of the council, and Director of Information Resources and Knowledge Management at NERA Economic Consulting. "Senior managers want to know how each major contract connects to the company's strategic objectives, and they expect information professionals to employ best practices in managing vendor portfolios."

For most companies, acquiring information is costly and licensing complex. Information professionals are best positioned to ensure the organization gets the most value for its investment. This report provides a best practices roadmap for how to achieve that goal.

Some of the report highlights include:

Run the portfolio with an overall strategy in mind. Includes developing a comprehensive information needs assessment, creating a strategic accounting process, conducting annual budget reviews, staging an effective rollout of information services, and teaching users key terms and conditions for using information and data.
Evaluate the content in the information portfolio to increase efficiency. Includes conducting periodic content reviews to identify changing needs, product overlap, and under- or heavily used sources to be sure the organization gets the best value for its dollar.
Use metrics to determine the portfolio's value. Includes guidelines on collecting and analyzing data to determine the ROI of the portfolio.
Manage contracts through a tracking system and standardize those contracts to streamline budgeting. Includes processes for making sure contracts remain up to date, working with global contracts, and aligning contract durations with the organization's fiscal year.
Develop a strategy to obtain desired cost reductions and get the best deal possible. Includes tactics to use in competitive bidding, negotiating terms, and knowing the competition.

Source:

Best Practices in Managing Information Vendor Portfolios

The Conference Board Council Perspectives™ CP-025 2010

For a copy of this report: http://www.conference-board.org/publications/publicationdetail.cfm?publicationid=1870&subtopicid=90

About The Conference Board Information Research and Management Council

For over two decades, The Conference Board Information Research and Management Council (IRMC) has been meeting to share best practices, discuss current and emerging issues, identify trends, and develop responses in a candid, confidential exchange of views and experience. They disseminate their knowledge through briefings and white papers of interest to corporate senior management. Members include senior managers from world-class organizations and academic institutions who lead the information management, research and analysis, and other closely related functions within their organizations.

About The Conference Board

The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world's leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501(c)(3) tax-exempt status in the United States. www.conference-board.org

Follow The Conference Board

Twitter | Facebook | LinkedIn

SOURCE The Conference Board