Understanding SOW Management: How Outsourcing to an MSP is Key
POSTED BY PRO UNLIMITED | FEBRUARY 3RD, 2020
Statement of Work (SOW) projects are a complex, yet essential, part of the business world. Millions of dollars and many stakeholder hours are spent dedicated to working through the execution of SOWs every day with little promise of a streamlined solution to shoulder the weight. As many organizations are feeling the strain, they’re in search of a way to streamline SOW management, while realizing demonstratable benefits and reducing risk.
Common SOW management challenges include:
- Overextended and ill-equipped teams
- Limited collaboration leading to costly delays
- Lack of governance and compliance support for engagements
- Multiple systems without a centralized repository
- No visibility to benchmarks for costs, terms and timelines for project-driven work
Instead of looking to internal resources to optimize SOW management, organizations are partnering with a Managed Services Provider (MSP) and Vendor Management System (VMS) solution that can turn the burden of management into a task of the past. With an integrated MSP and VMS solution, organizations can streamline the entire SOW management process including pricing standardization, workforce planning, and increased compliance, as well as provide substantial stakeholder benefits, such as:
- For Hiring Managers, easy SOW creation, classification and milestone tracking
- For Suppliers, access to more projects and engagements without increased sales efforts
- For Procurement, standardized and compliant processes that hold participants accountable
- For Business Leaders, detailed visibility into project spend/headcount and classification, resulting in cost savings
- For HR, easier project tracking and compliance and risk mitigation
Leveraging SOWs as part of sourcing your contingent workforce is simple a reality that every organization encounters. So gaining control of your SOW management is vital to turning this otherwise cumbersome process into a key strategy that can help propel your organization forward. Instead of looking to your internal team that already has their hands full, consider the benefits of using the external partnership of an MSP that can focus solely on your SOW success.
To get more details on SOW management, click here to read PRO’s two-part series on Buyer’s Meeting Point.
If you’re interested in learning more about how PRO is helping organizations implement winning contingent workforce programs globally, please contact a PRO representative at 800.291.1099 or email at email@example.com.
Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of PRO Unlimited and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.