Statement of work (SOW) monitoring is a critical aspect of project management, especially for companies that regularly engage contractors and service providers to perform work. Monitoring your SOWs ensures that the work performed by contractors aligns with the objectives outlined in the SOW document and that the project stays within budget and on schedule.
Let’s explore the importance of Statement of Work (SOW) monitoring, and how it can help ensure successful project outcomes.
Alignment with project objectives
One of the main reasons it is important to monitor SOWs is to ensure that the work performed by contractors aligns with the project objectives outlined in the SOW document. By monitoring the work, project managers can ensure that contractors are following the agreed-upon scope, timeline and deliverables. Additionally, it can help ensure they are meeting the quality standards required by the company. If the work performed by contractors deviates from the SOW, project managers can address the issue early on, before it becomes a larger problem.
Budget control
SOW monitoring also plays a crucial role in controlling project budgets. By monitoring the work performed by contractors, project managers can ensure that they are staying within budget, and can make adjustments if necessary. For example, if a contractor is taking longer to complete a task than was originally estimated, the project manager can adjust the timeline or allocate additional resources to ensure that the project stays on track. On the opposite side, if a contractor is billing for deliverables that have not been yet met, monitoring the SOW will protect you from paying for unfinished work.
Improved communication
Monitoring your SOWs can also improve communication between contractors and project managers. By regularly examining the work, project managers can provide feedback and guidance to contractors and can address any issues or concerns that arise during the course of the project. Improved communication helps to ensure that everyone is on the same page, and that the project stays on track.
Risk management
Finally, SOW monitoring is an important aspect of risk management. By monitoring the work performed by contractors, project managers can identify and address potential risks before they become major issues. For example, if a contractor is having difficulty meeting the project timeline, the project manager can address the issue early on, before it causes delays and impacts the overall project schedule.
Monitoring your SOW engagements is a critical aspect of project management and is essential for ensuring projects are delivered on time, within budget and up to quality standards. Managing the process doesn’t have to be complicated or overwhelming. Suna Solutions provides Statement of Work management as part of their contingent workforce programs to provide total insight to non-employee engagements and activity. To learn more, contact us today!
Kelly Mills, Client Services Manager at Suna Solutions