And the survey says:
- More than 40 percent of sourcing contracts are not supported by a formal strategic measurement framework beyond management of service level agreements (SLAs).
- The monitoring and management of sourcing benefits is often sub-optimal
- The sourcing service provider selection process is often unwieldy and takes too long
- The importance of involving the ‘right people’ and aligning the cultures of the organizations involved is as critical as ever.
- More than 50 percent of respondents said they take more than six months to complete the request for proposal (RFP) process. Thirty percent said they take longer than nine months.
- Seventy-nine percent of respondents did not accurately know the costs of selecting a sourcing provider.