Sourcing Tip #1: Get all the services you're paying for

Brought to you by EquaTerra

Talent, infrastructure, services, and products for organizations of all sizes get delivered from around the world and around the corner. Very few companies, if any, find everything they need to deliver value to shareholders, employees, customers, and other stakeholders entirely within their own walls. We've selected a set of "Sourcing Tips" to help you get the most out of your sourcing arrangements, regardless of of whether they come to you through contracted services (i.e., outsourcing) or through owned services (i.e., shared services).

This first tip discusses resetting the baseline. During boom times it's easy to stray from the original scope and service levels you contracted for with internal and external service providers. Take the time now to review your contracts and service level agreements to reestablish a common understanding of what's required.

EquaTerra, one of the world's leading sourcing advisory firms, recommends:

"Look at your service levels in every contract you have, including pensions administration (e.g., 401k administration), stock services, actuarial consulting, etc. Be certain that you are policing the services by applying and rigorously reviewing the service levels you have in place, put them in your renewals, and see whether the provider will agree to better service levels even before the renewal. Know what you're buying and, in addition, be sure you're getting what you pay for."