In today’s digital age, marketing has become more important than ever before. With the rise of social media and other online platforms, companies need to have a strong digital presence to stay competitive. As a result, many large companies work with a hundred, or sometimes a few thousand, marketing agencies to help them achieve their goals. However, sourcing and managing these service providers can be a daunting task for distributed teams and organizations. In this article, we explore why the industry needs better tools to source specialist service providers and manage the work of service providers like marketing agencies.
Inefficiency and Frustration
One of the main reasons why the industry needs better tools to source and manage workflow for service providers is the inefficiency and frustration that subject matter experts like marketers face in the current ways of working. Experts expect your company to be leveraging the latest tools. However, many corporations still rely on manual processes such as spreadsheets, powerpoints, and emails to manage their relationships with service providers. This can lead to confusion, outdated information, and errors which can result in delays, cost overruns, and increased risk.
Some even try to use a CRM platform or home grown solution to help manage this, but soon realize it is the wrong tool or too hard to maintain and adapt for all the ways their experts work.
According to a survey by Accenture, 45% of CMOs believe that their marketing teams are spending too much time on administrative tasks, and 48% say that they spend too much time on data collection and analysis. This can be particularly challenging when working with service providers, as the lack of transparency and real-time visibility into project status can lead to miscommunications and delays. Beyond that, instead of having the tools to improve your expert’s performance, many organizations have barriers in place that make work slower, harder, and less informed than is should be with all the technology available today.
Choosing the Wrong Service Provider
Another reason why the industry needs better tools to source and manage their work is that choosing the wrong marketing agency or service provider can result in a high percentage of failed projects or projects that don’t achieve their goals. This can be a costly mistake for large companies that rely on marketing to drive revenue and growth. Without proper tools and processes in place, it can be difficult for companies to identify the right marketing agency or service provider for their needs across the enterprise.
A study by Forrester Consulting found that only 34% of marketers feel that their current agency partners are effective in driving business outcomes. This highlights the importance of selecting the right agency and the need for better tools to support this process. In other areas, subject matter experts feel similar frustration both in sourcing and in managing the ongoing work with partners.
The Project Management Institute’s research suggests that nearly 50% of all projects fail. And, choosing the wrong supplier is a top reason for failure according to a study by Deloitte.
The Need for Better Tools
To address these challenges, companies need better tools to source and manage workflow for service providers like marketing agencies. These tools should automate manual processes, connect data to provide real-time visibility into suppliers, project status, and progress, as well as help companies identify the right service providers for their needs. By doing so, companies can save time and money, reduce errors and delays, and improve the quality of their marketing efforts.
According to a survey by Deloitte, 77% of executives believe that automation and other emerging technologies will have a significant impact on their organizations in the next three years. By leveraging tools like automation and AI, companies can streamline their processes and reduce the risk of errors and miscommunications.
One example of such a tool is SpotSource, a startup that is reinventing how large companies source, work with, and manage service providers. SpotSource provides a platform that unifies the supplier data, captures new relevant specialist data, and connects companies with the right fit service provider to confidently achieve their goals. SpotSource also automates many of the manual processes involved in managing these relationships. With SpotSource, companies can easily track project status and progress, collaborate with service providers in real-time, and access performance data to evaluate the success of their marketing efforts.
According to Harsh Jawharkar, Chief Marketing Officer at MoEngage, “The right tools can help streamline workflows and eliminate inefficiencies, enabling marketers to focus on high-value activities that drive growth. By using tools like automation and AI to source and manage service providers like marketing agencies, companies can reduce the risk of choosing the wrong partner and improve the quality of their marketing efforts.”
Sourcing and managing workflow for service providers like marketing agencies is a challenging task for many large companies. The inefficiency and frustration of manual processes, the risk of choosing the wrong marketing agency, and the importance of marketing to business outcomes make it essential for companies to adopt better tools to streamline their processes and improve their marketing efforts. By leveraging emerging technologies like automation and AI, companies can save time and money, reduce errors and delays, and improve the quality of their marketing efforts. Services management platforms like SpotSource can provide a solution to these challenges, helping companies connect with the right service providers and manage their relationships more effectively.
As the marketing landscape continues to evolve, companies that embrace these tools and technologies will be better equipped to stay competitive and drive growth. They will also significantly reduce their exposure to risk and compliance issues. By investing in better tools for sourcing and managing service providers like marketing agencies, companies can position themselves for success in the digital age.
- Accenture. (2018). CMO Insights: Delivering on High Stakes Promises. Retrieved from https://www.accenture.com/us-en/insights/consulting/cmo-insights-delivering-on-high-stakes-promises
- Forrester Consulting. (2021). The Modern Marketer’s Guide to Choosing the Right Agency Partner. Retrieved from https://go.ana.net/rs/119-WYY-834/images/ANA%20Forrester%20Consulting%20Agency%20Partner%20Guide%202021.pdf
- Deloitte. (2021). The Deloitte Global C-Suite Study 2021. Retrieved from https://www2.deloitte.com/global/en/pages/about-deloitte/articles/global-c-suite-study.html