Whether your company is midway through its digital initiative or close to the end-term of the outsourcing arrangement, a proactive contract health check can prove to be beneficial. This exercise provides an unbiased review of the relationship compared to contemporary best practices, costs in comparison to current market rates, and actual service levels compared to the contract and the customer’s real needs.
The last two dozen contract health checks led by Wavestone yielded an average reduction of 40% in total cost of ownership via equitable improvements implemented to the scope, solution, metrics, and pricing arrangements.
From our experience, there is invariably a 15% to 20% potential to optimize each contract. Wavestone-led contract health checks from 2017 to 2019 uncovered an additional 20% to 25% tangible cost benefits from transformative solutions for over 75% of the enterprises involved.
Besides getting an accurate snapshot of your contracts, you will also receive guidance to close the value gaps and prioritize next steps through two roadmaps:
- An opportunity roadmap identifying tangible improvement levers such as a continuous improvement charter and a rate-and-skills recalibration, which will enable transparent and equitable negotiations between the two parties
- A prioritization roadmap for the identified opportunities that balances benefits, delivery timelines, and risk
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