Statement of Work
Perhaps the biggest issue in talent management is visibility. When companies look into their non-employee labor spend, they often find their statement of work (SOW) spend can be up to six times as much as their contingent labor costs. It’s also common that legacy VMS systems are often only successful in managing a single category of SOW spend. By bringing a project-based methodology to SOW spend management, VNDLY gives companies the ability to truly manage SOW projects.
Companies need to have visibility into all non-employee labor spend, regardless of how those workers are engaged. If the same worker moves between SOW and contractor positions, the fees paid can be vastly different, with SOW fees as much as 40% higher. Often, this is because the milestones in SOWs come with no time component. Tracking hourly rates compared to SOW fees for similar projects can help companies determine the best financial option. And, since VNDLY can track all workers regardless of how they come into a company, comparing SOW and hourly rates becomes a regular part of the process.
VNDLY’s SOW solution offers full workflow automation, treasury functions, spend management, category management, and vendor management functions that each client can individualize based on need.
And it’s simple. Projects can be managed from proposal to project completion by choosing a project lifecycle, then VNDLY’s automation activates the necessary workflows behind the scenes. Users will see a visual project timeline that includes participants, standards, and responses. Overview or select detailed views within the timeline provide specifics on individual projects or SOWs.
To learn how your company can benefit from VNDLY’s capabilities, email us today at firstname.lastname@example.org