A question that has been bubbling up in the APAC region is, “What will I do with my Statement of Work (SOW) spend and how can it be best managed?”
In fact, in a recent webinar with Brightfield, they stated that 20% of people are saying that SOW is a priority for them and on their agenda for expansion planning this year.
This is not surprising given that studies by Ardent Partners indicate that nearly 55% of all contingent labour spend is SOW- or services-based. Not only that, but typically, it has been unmanaged and, therefore, has the most opportunity to provide a high ROI!
Last week, I joined Ben Walker from Brightfield Strategies in a webinar where he shared compelling reasons WHY you should be planning to capture this spend in 2018…
· Misclassification of temporary labour as project-based SOW work might create tax risks
· SOW resources typically cost anywhere between 25-100% more than commensurate staff augmentation resources
· Outside services spend is typically between 30% to 50% of a Fortune 500 company’s total costs
· Most procurement tools don’t capture the level of detail needed for services engagements or support flexible workflow
A VMS can integrate with other procurement systems and your financial system to ensure a streamlined lifecycle for your project based engagements as well as your traditional contingent workforce! Whilst this might seem daunting, it doesn’t have to be.
To learn more, join us in Melbourne and Sydney, Australia where we will share the TOP 10 things you should be thinking about in 2018. Hear from industry experts in statement of work management and learn how to develop a robust approach to SOW in your business to offset risk, drive compliance and deliver cost efficiencies.
15 March – Melbourne, CUMULUS INC.
16 March – Sydney, Sydney Tower
Don’t be left behind. Take control of your Statement of Work spend in 2018!