If you’re reading this, you should know what Services Procurement is, also referred to as (SOW). But do you know what it really means to manage the spend categories that those SOWs fall under? And do you know the details of all the spend associated with those SOWs?
A Statement of Work is a legal document that captures and defines the responsibilities, deliverables and timelines that a supplier will execute against in performance of a specific work project for a client. Detailed requirements and pricing are usually (should be) included in the SOW, along with standard regulatory and governance terms and conditions. The absence of any of these items, or an SOW in the first place, can introduce risk to your organization and lessen the impact that you’re able to have on what could be significant spend.