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White Paper

Sourcing Best-In-Class Statements of Work

January 18 2023 |

Vast sums of money are spent every year on IT consulting, legal, management consulting, engineering consulting, and other complex services performed by highly skilled people. We estimate that the global annual spend on the services is around $500 BN, with the US accounting for 75% of the total. These projects are typically governed by Statements of Work (SOWs) that spell out what the contractor is supposed to do, how long it will take, and what it should cost.

Our analysis of SOWs shows that 75% are poorly structured, providing little managerial control, transparency, or incentives for vendors to perform. By contrast, best-in-class SOWs provide about 35% lower project cost and take half the time to complete when compared to typical SOWs.

Much has been written about how to manage SOW projects, but not enough attention has been paid to strategically sourcing SOWs. This paper will lay out a practical approach to sourcing world-class SOWs for successful project outcomes at reduced cost and more manageable risk.

In our joint white paper produced in partnership with Mitchell Madison Group, “Sourcing Best-In-Class Statements of Work,” find out how leading organizations can establish and maintain best practices surrounding SOWs with topics like:

  1. Discovering the 5 characteristics of effective SOWs
  2. Identifying your ideal pricing approach
  3. How to strategically source SOWs
  4. The iterative but imperative negotiation process
  5. And more

Download the white paper to gain insights in achieving operational excellence while capturing tangible cost savings.

Download White Paper