Traditional SOW spend management often fails to meet modern business needs due to its inherent limitations.
The Excel Limitation
Enterprises using Excel for SOW spend face version control issues, file sprawl, and formula complexities, leading to inefficiencies and inaccuracies.
In-House BI Tools: A Struggle
Creating and maintaining in-house BI solutions for SOW spend is resource-intensive and complex, often lacking the specific features needed for effective management.
VMS Shortcomings
Vendor Management Systems (VMS) typically miss the complete picture, focusing mainly on non-employees and leaving out a significant portion of professional services spend.
MSP Costs Under Scrutiny
Why should a company continue to pay 1.5% of their spend as a tax to the Managed Service Providers (MSPs) when they can just handle vendors in-house and reduce their overall spend?
Need for Integrated Solutions
These gaps highlight the need for an integrated, comprehensive SOW Spend Analytics Solution offering precise, real-time financial insights.