Building a contract services inventory database

It is key contract information to be complete and up-to-date as this constitutes the basis for contract management.

The aim of a full inventory is:

  • Create insight in individual contracts
  • Make services transparent
  • Detect obvious overlap

Our approach

MDS at Work’s methodology is based on criteria listed in the CRISP document. CRISP is an acronym for Contracts which are Readable, Intuitive, Standardized and Precise. CRISP has been developed in accordance with the FISD. FISD is the Financial Information Services Division from the SIIA, the US based Software and Information Industry Association.

The CRISP document – and its criteria - in itself does not qualify the contracts. However, the document lists the items that are relevant and should be taken into consideration when evaluating contracts.

MDS at Work has taken the relevant items from CRISP and created an operational Evaluation model: the Service Contracts and Order form REview or SCORE.

By applying the SCORE-methodology MDS at Work will take the weighted scores for 18 factors, dedicated to Market Data and Information Services Provider contracts. Important factors weigh highly in the model and consequently factors perceived less important weigh less in the model. The contract or order form can reach a maximum score total of 50 points. Below 40 points scores may lead to further investigations and a score below 30 should in all cases lead to follow up. 

Based on the individual SCORE per contract individual follow-up actions will be defined.