“The economic impact of the COVID-19 pandemic is driving many organizations to pursue digital enablement and cost containment at the same time, which requires market intelligence and timely data on IT services pricing,” said
Pattacini and ISG colleagues Iain McLurcan and
“IT services benchmarking has morphed from an infrequent, labor-intensive exercise into a nimble, on-demand and more cost-effective capability with new online tools that enables up-to-the minute data on price competitiveness,” said Pattacini. “Keeping on top of current market pricing is even more important with the explosion of smaller sourcing contracts of shorter duration.”
Pattacini noted that advances in automation and analytics allow enterprises to benchmark their transactions in real time, each time an invoice is received. This provides greater visibility into price competitiveness, so companies can immediately pivot in response to price changes and use benchmarking for other purposes, such as justifying prices to internal stakeholders, conducting trend analyses for budget planning and ‘what-if’ analyses, and tracking market prices without soliciting RFPs or RFIs.
“Benchmarking is no longer a discrete, once-every-year-and-a-half effort that requires the help of a provider,” Pattacini said. “Companies should think of benchmarking as an ongoing subscription they can access to run reports whenever they need market price data. By quickly responding to changes in market prices, enterprises can make more strategic IT services decisions.”
To register for the ISG Smartalks™ webinar, visit the event website.
ISG offers the industry’s only patented IT benchmarking and market price intelligence platform, ISG ProBenchmark®, powered by the largest database of market price points of its kind. The data are derived from more than 23,500 ISG engagements with over 2,700 clients, including more than 2,100 transactions worth more than $457 billion of contract value. For more information about ISG ProBenchmark, visit this webpage.
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Source:Will Thoretz Information Services Group, Inc. +1 203 517 3119 Will.Thoretz@isg-one.comJim Baptiste Matter Communications for ISG +1 978 518 4527 jbaptiste@matternow.com
2020 GlobeNewswire, Inc., source