How a Vendor Management System can help manage contingent workers in Higher Education

As the contingent faculty grows every year, Universities and Colleges oversee a vast pool of contracts between universities, vendors, partners, and suppliers. It can be a strain on resources to manage contracts and maintain relationships with external talent for many institutions. That is why higher education institutions are increasingly adopting Vendor Management Systems (VMS) to reduce staffing costs, minimise admin overhead, and prepare for the future.

What is a vendor management system?

A vendor management system (VMS) is a software solution that can help a company manage, analyse, and automate the processes of managing external talent. It is typically used by organisations to manage their pool of talent and optimise their non-permanent workforce – which includes project-based teams, temporary staff, agency-sourced, and other contingent labour. These are commonly exam markers, lecturers, service staff, or even external consultants, especially as the contingent workforce becomes more diverse. A VMS serves as a mechanism for an organisation to manage, procure and optimise contingent hires through staffing agencies. The VMS can streamline every step of the hiring process from sourcing, acquiring, to managing and paying of temporary workers – it’s an easy, all-encompassing solution. As well as facilitating contingent worker acquisition and management, a VMS can also collect data from every step of your external talent hiring process. It can collate important metrics such as billing and pay rates, spend against budget, invoice data and payroll. This data is readily available to put to work, too. With reports, dashboards and charts, you can easily analyse key data, turning it into actionable insight. Many institutions use this insight as tools for negotiation and workforce planning.

What are the benefits to higher education institutions?

 

Everyone is on the same page

A VMS allows organisations to access contingent workforce data from the cloud – anyone can access it at any time. One centralised source of data can improve the alignment of your team and collectively strengthen day-to-day decision making. Having this data readily available at all times makes it easier to make better-informed staffing decisions.

Optimise your budget 

Contingent workers represent a sizable chunk of the overall workforce. This also means that they represent a significant portion of human resource expenditure. Tracking these costs and understanding how to optimise these costs is critical. A VMS can help in many of these areas. Knowing your exact headcount and how much you spend on contingent labour and on what types of workers, and roles is the basis to analyse costs and identify areas of potential cost savings. The time that’s spent manually searching for contracts or doing administrative tasks eliminates, saving time that could be spent completing more impactful work. With a Vendor Management System (VMS), colleges, universities and other academic institutions have a comprehensive and proven method of controlling and even reducing costs.

Leverage data and make data-driven workforce decisions

It is important for institutions to have full visibility of their operations as it can show if the processes in place are accurate and consistent. Universities and colleges can leverage a VMS to gain visibility into their processes and identify inefficiencies. By gaining full visibility, institutions can respond faster to changes and update multiple processes easily. Organisations will also be able to continuously look to reduce unwanted costs and remove unnecessary manual steps, which can be time consuming and lead to errors.

Better align your workforce with your requirements

Curating your pool of casuals and markers has never been so important. It’s vital for a University or a College to be flexible and agile in order to survive challenging times. Organizations that future-proof their business with a Vendor Management System create a better experience for vendors and employees. Another benefit is the opportunity it presents for organisations to address those internal process and workflow bottlenecks that might have been put aside due to other priorities.

Make compliance easier

A Vendor Management System can help Universities and Colleges improve regulatory compliance and meet compliance demands from stakeholders. They can do this by placing performance data in a centralised location and by recording vendor information. This will lead to fast and accurate due diligence. You can also automate tasks that ensure your compliance with regulatory requirements and information security, access control, and other internal policies.

Boost process efficiency

Automation is another great VMS feature, ranging from onboarding to invoicing and payment as well as many other tedious and repetitive tasks. The likelihood of human error associated with the use of time-consuming spreadsheets will be eliminated by a VMS as it automates these work processes instead.

Manage change effectively

Although third-party vendors are important to Universities and Colleges, they can sometimes present risks in terms of legislation changes. To avoid this, a Vendor Management System will provide relevant insights and track a flexible workforce to identify risks and take the appropriate steps to mitigate these risks in a timely manner.

Optimise, manage and control your contingent workforce seamlessly

If your current contingent workforce and contractor management system isn’t saving you time and resources, it might be time to upgrade it with a Vendor Management System. A VMS demonstrates technology’s value in bringing greater visibility to an increasingly vital part of a Higher Education Institution. VMS is an intelligent, forward-looking answer to the growing need for workforce agility so that higher education institutions can respond quickly and effectively to market challenges and opportunities. Beeline’s VMS demonstrates technology’s value in bringing greater capability and visibility to an increasingly vital part of HR’s role – the acquisition and management of external talent. VMS is an intelligent, forward-looking answer to the growing need for workforce agility so that financial companies can respond quickly and effectively to market challenges and opportunities. To learn more about the benefits of using a Vendor Management System read our new eBook, or get in touch with one of our experts at Beeline for more information.