VMS Adds Value to your Contingent Workforce Program
Some of the top reasons leading companies cite for implementing a VMS are:
A VMS helps eliminate rogue buying of labor and maverick spend. You can gain hard dollar savings by consolidating supplier 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
Cost savings from a VMS are driven by the analytics and reporting which help reveal where and how you are spending money on contract and project-based labor, so you can make better decisions for the future. It all starts by knowing who your workers are, where they are, what they are doing, and what facilities, networks, data, and intellectual property they have access to at all times.
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 gaining full visibility into your staffing spend and activity, you can mitigate concerns and potential exposure to co-employment and tenure litigation.
A VMS allows you to measure and monitor the performance of your suppliers and non-employee workforce to determine which suppliers and workers provide the best support – and the best value based on actual performance.
By implementing a VMS, you can to ensure there is an efficient process in place for acquiring talent (through self-sourcing or using suppliers) and a strong onboarding program for contractors. You can also automate many steps in the procurement cycle, reducing the time to fill positions.