Thanks to today’s technology, several systems and platforms exist for managing non-employees. For some companies, it can be difficult to determine which type of system is the better choice—an eProcurement system or a vendor management system (VMS). What most companies do know, however, is that for ease of use, they only want to use one system to manage their extended workforce. So how does a company decide which system is best to use?
Understand the key differences between the two systems, including that one is integrated and the other is specialized
Read what Spend Matters, a major procurement and supply chain analyst, has to say about eProcurement systems
View a comprehensive grid that illustrates the differences between eProcurement and VMS technologies
Some companies have successfully used eProcurement systems for procuring, managing, and paying workers. Understandably, this makes some companies think that an eProcurement system and a VMS are essentially similar. A closer look, however, reveals that the two systems do not compare, particularly when examining the services that each system actually provides.
If your enterprise is trying to decide which tool to use to manage your extended workforce—an eProcurement system or a VMS—be sure to dive deep with questions during the RFP process about how the two compare. This data sheet will help you decide which questions to ask.
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An Introduction to Funding Models and Pricing Methods for a Vendor Management System (VMS)