8/12/2019 IQ Navigator SOW

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In addion to the complexity and dicules with the nancial controls

of managing SOW spend, many other challenges plague procurement

when aempng to gain control and visibility, such as:

Inconsistent sourcing processes

Lack of change order tracking

No system to track consultant access

No budget controls during the project

Diculty reconciling invoices No visibility into project billing status and compleon status

I Q N F O R S O W

Gain Full Control Over Statement of Work Spend

IQNavigator provides intuive technology and innovave soluons that allow the worlds best companies to

intelligently manage their procured services through their ecosystem of people, partners and suppliers.

What is SOW Spend?

Statement of Work (SOW) spend is any services purchases from a vendor

based on a contract that species the promised deliverables, ming and

prices to be paid. It is oen called projects spend. Large enterprises spend

many millions of dollars per year on SOW in areas such as consulng, IT

services, audit services, outsourcing, and eld services oen 5% or more

of their overall purchases.

This huge amount of SOW spend is growing rapidly as enterprises connueto focus on their core competencies, and engage specialists for projects that

require new skillsets or addional capacity.

Why Manage SOW Spend?

With SOW spend growing rapidly, many enterprises dont have complete

visibility into the magnitude of SOW spend, or control over it in fact, the

Aberdeen Group has found that 76% of enterprises report they are not

nancially controlling their SOW services purchases.

A GROWING NEED

Facts from Aberdeen

Research validate the

need for gaining fullcontrol over SOW spend:

2%to7%of operang

budgets are spent for

business consulng services

76%of enterprises are

not nancially controlling

their services purchases

50%of all spend managed

by VMS is SOW based,

and growing quickly

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8/12/2019 IQ Navigator SOW

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IQN FOR SOW

Best-in-Class SOW Spend Control

The IQNavigator VMS is built upon a universal Services Procurement foundaon to manage all types of services, with deep funcona

capabilies and broad feature sets to automate the management of the complexies and nuances of SOW spend around the world

Key areas of automaon include:

RFx funconality extends an easy-to-use and controlled sourcing process to the end-users you want, automang the sourcing and

vendor selecon processes for cost savings, compliance and visibility.

Supports individual category sourcing needs: compeve bidding,

comparave evaluaon, preferred vendors, sole or master sourcing

Online collaboraon with suppliers

Evaluate and compare supplier bids

Easily create SOW contract from winning bids

Capture change orders throughout the SOW project lifecycle. SOW contracts oen have change orders during project delivery, and

IQNavigator is the system of record to capture every change order, gain needed approvals, and ensure compliance to each change

order. The current agreed-upon scope and deliverables, invoice calculaons and budget details, meframes and SLAs are all held in

IQNavigator for comprehensive end-to-end SOW project control.

Congurable approval workows for change orders

Full visibility into each contract version and change

Eliminate contract leakage and capture negoated cost savings by ensuring every invoice line item uses the correct rates and

calculaons, and never goes over the appropriate budget details through a unique self-billing process.

Master pricing schedules are automacally leveraged for SOW development

Every invoice line item is calculated from approved deliverables and the SOW contract in IQNavigator,

ensuring 100% invoice accuracy with no manual reconciliaon

Detailed budget limits are enforced at invoice creaon, ensuring the project never goes over budget

Track SOW workers with a closed-loop process to provide complete visibility and security controls over the suppliers workers whoare delivering the SOW projects. As part of IQNavigators External Workforce Control, every worker is ensured to be on-boarded

correctly, tracked during their assignment, and o-boarded with security accesses turned o.

Congurable on-boarding and o-boarding processes

Integrate with security and provisioning systems for security management

Closed-loop worker tracking to ensure access is removed when the project ends

Hold vendors accountable to contracted terms, promised deliverables and desired outcomes.

Track and reect SLA bonuses and penales on the invoices

Only approved deliverables are invoiced to ensure you get what you pay for

Improve visibility on the full spectrum of SOW project status, supplier performance, and detailed spend data. IQNavigator provides

the visibility and leverage needed to idenfy and negoate cost savings and service quality improvements.

Track vendor spend & leverage across business units and geographies

Idenfy and promote good vendor performance to send more work to the best-performing vendors

Track vendor performance at the engagement and relaonship levels and leverage in future sourcing processes

Improve sasfacon of all stakeholders with an easy-to-use process for internal end-users, addional opportunies and mely

payments for suppliers, and much improved control and visibility for budget owners and nance controllers.

Track vendor spend & leverage across categories, departments

Idenfy / promote good vendor performance, avoid vendor weaknesses

Track vendor performance at the engagement and relaonship levels and leverage in future sourcing processes

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VISIT US AT:

IQNavigator.com

FOLLOW US ON:

iqnavigator.com/blog

facebook.com/iqnavigator

twier.com/iqnavigator

linkedin.com/company/iqnavigator

CONTACT US:

Corporate Headquarters

6465 Greenwood Plaza Blvd., Suite 800

Centennial, CO 80111, USA

Phone: 877-267-0905

Internaonal: +1 303-563-1500

E-mail: info@iqnavigator.com

IQNavigator.com Proprietary and Confdenal to IQNavigator, Inc. Copyright 2013 IQNavigator, Inc. All Rights Reserved

IQN FOR SOW

What to Look For When Controlling SOW Spend

While many VMS systems claim to manage SOW spend, gaining the full benets of SOW

management cost savings and control, compliance and visibility requires many system

elements that are must-haves for complete SOW spend control:

Complete SOW lifecycle controls, from exible and easy-to-use RFx capabilies to

change orders and invoicing

Capture all change orders as the system of record for the SOW contract, including

approvals and change history

Easily track all workers on an SOW project for security and on-boarding compliance,

including non-billable and osite workers

Global invoicing capabilies, including taxaon and mulple-currency SOWs

Single system of record for conngent workforce, SOW and other types of services

for automac roll-up reporng on spend and headcount, as well as consistent

controls and user experience

Enterprise-grade exibility and congurability for approval workows, web page

layouts, system integraons and cost allocaons to support an enterprises unique

requirements, as well as provide exibility for dierent conguraons by geography

and by type of services spend

Controlling SOW spend is not only desirable, it is now achievable and highly benecial

with compelling cost savings and control, compliance improvements, and increased

visibility and eciencies for all stakeholders.

For more informaon or to schedule a live demo, visit iqnavigator.com

COST SAVINGSThe average IQNavigator

client captures 15-18%

in cost savings on SOW

spend in first year of

implementation:

Financial company saved

12% to 55% per project

using compeve bidding

capabilies

Another nancial company

saved $5M implemenng

standardized buying

processes and using

compeve bidding and

automated billing features

Tracking and automacally

reconciling supplier

invoices savedaircra

manufacturer$3M

annually

Canadian oil company

eliminated $3M in late

payment fees

Energy ulitysaved

$1.5M in legal service

fees using automated

contract and rate

compliance

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