Magnit Services Procurement is a flexible, comprehensive solution that empowers procurement teams to focus on more strategic initiatives by optimizing services spend, leveraging AI-driven technology, data, and service excellence.
Client Benefits
Magnit is the only vendor with a data-led, tech-enabled Services Procurement offering that provides a flexible, comprehensive solution to meet the specific needs of each client. Through our capabilities, organizations can unlock cost savings, enhance process efficiencies, and reduce risks associated with misclassification.
10%+ Cost
Savings
Identify projects with the most cost savings and optimization potential then capture those savings with competitive sourcing, automation, and real-time intelligence.
40%+ Reduction in Operational Overhead
Drive successful business outcomes and compliance at a project and aggregated level based on procurement process best practices and continuous improvement.
25%+ Spend Reclassified
Obtain actionable procurement analytics, reporting and insights related to best-in class-strategic sourcing solutions and SOW construction.
SIA Positions Magnit as Overall VMS Leader in 2024 Report
Magnit attained perfect scores for statement of work sourcing and SOW creation capabilities.
Optimize Services Spend to Achieve Operational Excellence
Services Procurement Consultancy
Evaluate current Services Procurement practices and SOW engagements to identify improvement opportunities and strategic recommendations.
We provide:
- Services Procurement Health Check - For organizations seeking a quick, high-level assesment to support a "Case for Change"
- Services Procurement Consultancy Diagnostic - For organizations requiring deep insights and strategic recommendations to support a "Business Case"
Service Excellence
Magnit provides a flexible approach to provide a solution delivered through our core services:
- SOW Worker Tracking - Enabling client organizations to on-and-offboard SOW workers, tracking assets, and overseeing compliance management of workers for projects or tasks associated with Statement of Work (SOW) engagements
- SOW Transactional Management - Managing SOW delivery to ensure that the agreed scope is delivered within budget and time with the client retaining the sourcing and contracting processes
- SOW Full Lifecycle Management - Strategic management, execution and oversight of Services Procurement processes, enabling procurement professionals to focus on what truly matters: building strategic partnerships and driving business innovation
Services Procurement Technology
Our fit-for-purpose Services Procurement AI-enabled technology streamlines and automates end-to-end processes.
We provide:
- User-friendly RFx workflows to empower clients to efficiently manage the entire supplier selection process
- Multi-stakeholder collaboration on the SOW redlining processes, with real-time online editing, review, and approval
- Functionality to track and monitor milestones and deliverables to ensure projects remain on schedule and within budget
Services Procurement BI & Analytics
Leverage our unique proprietary data universe to visualize all activities related to your Services Procurement program.
We provide:
- Full financial and operational visibility into your Services Procurement program, including total cost of ownership (TCO) by supplier
- Drive cost savings with real-time rate intelligence for sourcing and change orders
- Key tools include budget and headcount tracking, SOW insights, and vendor performance analytics and many others
Extended Visibility for Your Workforce
Procurement
Access to spend, benchmarking, supplier usage, and performance while managing risk.
HR
Utilize real-time global market rate data to maximize cost-savings and benchmark DE&I goals.
Staffing
Optimize recruiting strategies by discovering and accurately pricing talent anywhere in the world.
The Magnit Services Procurement Advantage
$4.8B+
Services Procurement Spend Managed Globally
80+
Services Procurement Clients
15+
Years of Experience in Services Procurement