How to Select a VMS Provider
There are a variety of VMS providers in the market today, ranging from companies with extensive experience to new start-ups. Here are eight things to consider when selecting your VMS provider
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While our original VMS was designed 20 years ago to help organizations manage contingent workers sourced through staffing vendors, over the years our VMS has evolved into a much more powerful and productive tool.
We added capabilities for tracking categories of workers not sourced by companies’ contingent workforce programs. We made it possible to source and manage complex SOW-based initiatives. And we invented a fully integrated system to source hard-to-find skills quickly and directly from both private talent pools and from a growing ecosystem of online talent platforms, accessing an expansive pool of available talent.
We also made our VMS smarter, with built-in contextual guidance for ease of use and power visualization and analysis tools to evaluate and report on the performance of suppliers and workers. With these, our data analysis capabilities have climbed the slope from merely descriptive to predictive—and, potentially, prescriptive—analytics, giving our clients the actionable insight they need to make better workforce decisions.
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.
It is critical to find a partner that is willing to invest in a relationship with you, provide multiple overlapping areas of service and support, and be nimble through organizational growth and changes.
Your VMS provider have the financial resources to be a viable choice for today, tomorrow, and over the next decade.
Your VMS provider should understand and interpret industry trends, new hiring models, and how best to use them to source talent.
Your VMS should have the ability to accommodate all labor categories and easily expand to include SOWs, not just temps or contractors on a time and materials basis.