fact sheet
Why companies use a VMS
Manage external talent with a VMS built for you
Visibility and control
Organizations depend on contingent talent to give them more flexibility and agility. With the ever-expanding use of contingent talent, companies need a way to automate the sourcing and management of their contingent workforce. Without a vendor management system (VMS) to automate and systematize the contingent labor process, companies are forced to manage their contingent labor manually, using spreadsheets, one-off email communications, or with makeshift applications that lack the functionality provided by a true VMS solution. This is incredibly taxing on resources and can open the door to errors and compliance violations. After implementing a VMS, companies experience immediate improvements in visibility, efficiency, and compliance.
Key benefits
| 1. | Cost savings: Eliminate rogue labor engagement and maverick spend. Gain hard dollar savings by consolidating suppliers and benchmarking rates and soft dollar savings through process improvements like consolidated invoicing, reduced timecard and invoice errors, and compliance tracking. |
| 2. | Visibility: Reporting enables you to make better business decisions by revealing the types of labor you are using as well as how and where you are spending money for contract and project-based labor. |
| 3. | Compliance: Transparent analysis of all stages of the procurement lifecycle provides greater control and the ability to enforce procurement policies. It can also mitigate exposure to co employment and tenure litigation. |
| 4. | Quality: Measure and monitor the performance of your suppliers and non-employee workforce while creating an efficient process for acquiring and onboarding talent. |
| 5. | Operational efficiency: Automate many steps in the procurement cycle, reducing the time to fill positions. |
How to select a trusted provider:
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Trusted partner commitment: You’re choosing a partner, not just a technology tool. It’s critical to find a provider that is willing to invest in a relationship with you and support you through all stages of your program’s lifecycle. |
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Ease of use: The technology should be feature-rich, easy to learn and navigate, and quick to deploy. |
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Flexibility: You know your business best. Your provider shouldn’t dictate your use of technology but instead, empower it. Ensure that you have the ability to integrate easily with your critical enterprise software applications. |
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Visibility: Monitoring and measuring your contingent talent is key to the application of successful workforce strategies. Selecting a provider with robust reporting capabilities is critical to maximizing the value of your investment. |
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Experience: The provider you are considering should have a deep understanding of the contingent workforce industry and decades of experience you can trust. |
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Innovation: Select a provider that is committed to keeping your program on the leading edge of this rapidly evolving industry and will push the envelope to ensure your success. Your chosen provider should be modern with a look to the future, as well as provide for an effortless experience with exceptional usability and efficiency. |