Procurement & SOW banner

 

A GUIDE TO SERVICES PROCUREMENT & SOW (STATEMENT OF WORK) SUCCESS

 

Procurement & SOW body copy

Does your organisation engage with third-party companies to get tasks and projects completed externally?

If so, yours is one of the growing number of companies outsourcing operations to service providers. However, you could likely get much better results for your investments, and we’ve produced this introductory Services Procurement guide to help you do so. But first, let’s define some key terms.
 
What is Services Procurement, and what is SOW?
 
Services Procurement is when a company hires a service provider—such as IT/tech solutions companies, marketing agencies or law firms—to complete whole tasks or projects for them. This is a more streamlined way to get work done, and a shift from the traditional practice of companies sourcing and managing external workers for project work themselves, or via recruitment and staffing agencies.
 
SOW (Statement of Work) is a type of Services Procurement contract that details project or engagement specific activities, pricing, deliverables and timelines for project completion. It is used to hire service providers and help both parties enjoy a productive working relationship without ambiguity.
 
What are Statement of Work and Services Procurement best practices?
 
The use of SOWs or other similar agreements is important in itself as it provides a clear framework and mutual understanding, aligning both parties on the project’s scope and objectives. This clarity helps to prevent misinterpretations and manage expectations. It offers a single reference point for all involved.
 
However, this is only part of it. Wider Services Procurement best practices rely on having proper data and insights to make well-informed decisions on skills, activity and costs. Companies that engage with service providers often lose visibility and control over the work being done and who is doing it. Without a holistic view of their external workforce, comprising service providers and contingent workers, organisations can’t control costs or performance effectively and can end up with critical compliance issues, too.
 
Companies, therefore, need the right technology and data infrastructures to get Services Procurement right. Vendor Management Systems (VMS) play a key part, and these are explained in our guide, as well as other Services Procurement best practices.
 

Why should I download Hays’ Services Procurement guide?

Whether it’s IT Services Procurement, Legal Services Procurement, Marketing Services Procurement or any other type, the guide outlines a clear framework for getting better results from your Services Procurement spend.
 

Download it now