A s the fireworks lit up the night skies across the globe on New Year’s Eve, I reflected on just how far Vendor Management Systems (VMS) have come in fourteen quick years and wondered, “What will 2014 bring to the VMS industry?”
Editor’s Note: 2014 is already off to a big start for IQNavigator, with the recently announced acquisition of ProcureStaff Technologies. We believe this year will be significant, not just for IQNavigator but also for the industry as a whole. Over the next couple of weeks we will be publishing insights from some of our thought leaders about what they anticipate for 2014.
Commonly when one thinks about VMS changes, thoughts such as functionality enhancements, broader geographical reach and program expansion come to mind. All good thoughts, but I wanted to dig deeper (more big-picture) into the key changes for VMS in 2014. My first thought was that the market is ripe for VMS provider consolidation. The founding of the VMS industry fourteen years ago established 50+ VMS providers. Through the years, the number of VMS providers has shortlisted tremendously, but I believe 2014 will bring further VMS provider consolidation as evidenced the first week of the New Year with IQNavigator’s acquisition of Procurestaff Technologies.
While the VMS provider marketplace will compress through consolidation, my next second thought is that 2014 will bring about rapid acceleration of broader workforce talent management. VMS providers cut their teeth on contingent labor, but not all VMS solutions are alike when it comes to broader workforce talent management. Numerous functionality intricacies exist within statement of work and global worker tracking and I look for 2014 to be a year of peaked interest in broader workforce talent management and further delineation between VMS providers.
With every New Year comes renewed inspiration, new goals, direction, optimism and thoughts of what the future holds. Questions, comments, ideas? Contact us anytime, we’d love to discuss our thoughts and your inspirations for 2014.