Benefits of implementing our Vendor Management System (VMS) include:
- Cost savings. VMS helps eliminate rogue buying of labor and maverick spend. Companies can gain hard dollar savings by consolidating vendors and benchmarking rates to gain negotiated savings or volume/early pay discounts as well as soft dollar savings through process improvements like consolidated invoicing, reduced timecard and invoice errors and compliance tracking.
- Visibility. Cost savings from a VMS are driven by the analytics and reporting which help reveal where and how an organization is spending money on contract and project-based labor in order to make better decisions for the future.
- Compliance. Transparent analysis of all stages of the procurement lifecycle provides greater control and ability to enforce procurement strategy and policies. By implementing a VMS and having full visibility into a company's staffing spend and activity, an organization can mitigate concerns and potential exposure to litigation around co-employment by effectively managing tenure rules.
- Quality. VMS allows a company to measure and monitor the performance of its vendors and flexible workforce as well as to ensure that they are creating a streamlined process for suppliers and a strong onboarding program for contractors.
- Operational efficiency. By implementing a VMS, companies can automate many steps in the procurement cycle, reducing the time to fill positions, consolidating billing and vendor payments and ensuring 100% invoice accuracy.