Leading asset management provider enhances compliance with Beeline VMS

The challenge

To support the ongoing development of advanced capabilities and technology, this client must manage an extended workforce that incorporates both contingent staffing and Statement-of-Work (SOW)-based professional services provided by both onshore and offshore suppliers. Recognizing the need for better visibility and control of these services, the client chose to implement a vendor management system (VMS).

From its initial objective of more effective management of domestic IT labor for program cost savings, the scope of the challenge has grown through the years to include program centralization, risk mitigation, and contract compliance of multiple labor categories on a global basis.

The solution

Beginning in 2005, Beeline worked closely with the client to determine their priorities and set goals and objectives for VMS implementation. The first three phases of the program established a baseline for the system, incorporating onshore IT contingent staffing (2005), offshore IT staff augmentation (2006), and all IT-related projects and services (2007). Total spend under management for these three phases was $95 million, and the project involved more than 60 tier-one suppliers.

The next two phases incorporated non-IT labor categories into the VMS (2009) and expanded the system globally. India, the UK and Channel Islands, Mexico, and the Asia-Pacific region were all launched between 2010 and 2012. The program now manages more than $275+ million in total spend with more expansions under consideration.

The result

In addition to significant cost savings due to rate card enforcement and efficiencies resulting from program centralization, the VMS has played a vital role in measuring and managing vendor performance.

By standardizing, automating, and streamlining onboarding and offboarding, the system helps to mitigate security and compliance risks, critical concerns for a company in the highly regulated financial services industry. As significant as these tactical advantages are to the client, the system’s strategic value is equally important.

With its reporting and data analytics capabilities, Beeline delivers accurate and actionable insight about its entire extended workforce to help the client become more predictive and make better data-driven business decisions.