A Statement of Work (SOW) project lays the foundation of the relationship between buyers and sellers, and requires skill, strategy and practicality to be effective as contracts. As SOW contracts get increasingly useful – thanks to the Affordable Care Act and the need for specialized skills in a talent-starved job market – companies are embracing these projects. This requires companies to put a strategy in place to manage the entire Statement of Work lifecycle, starting with the RFP process to milestone compliance and from onboarding to offboarding.
You have to remember that effective SOW management presupposes financial and operational controls for a company to enjoy a great opportunity for savings while having access to important reporting and benchmarking. To put effective processes in place, you need a Vendor Management System (VMS) that’s capable of setting the required processes to help manage a SOW project.
Not only that! Project management becomes complex as SOW projects change, mutate and often are subject to scope creep, so you have to depend on a VMS that is easily configurable to your changing needs. The type of flexibility that Smart Track offers. Smart Track can quickly change as your Statement of Work takes a different turn such as adding a sub-project, adding milestones and increasing the budget. We are the chameleon of VMS providers.
As you look at various VMS providers, don’t forget that the VMS needs to address the various aspects of the Statement of Work contract, and help with managing the SOW project management strategy in all its complex detail such as location-specific compliance, currency and other end user needs. It needs to have customizable architecture and meet the integration requirements easily.
Here are some points to consider:
If your company depends heavily on SOW agreements, you can buy yourself peace-of-mind by looking for a VMS that offers all the above features and functionalities. Smart Track can do all of this and more because it was built to change with your changing needs like a chameleon changes colors to match its environment.
Check out our brochure “Smart Track: Chameleon for SOW Management” to see how you can leverage our VMS to manage your SOW. Only Smart Track was built specifically to handle your SOW project deliverables with seamless synchronization and ease.
If you require a demo, call our Smart Track team at 1-888-DCR-4VMS to see a trend-setting VMS capable of handling complex global SOW projects in action!
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