Do you feel like the state of your contingent workforce plan is more like the “Wild, Wild West” than a strategic program? Does your legal team feel that your hiring managers have a “run amok” with talent supplier contracts? Is your finance team “riding blind” regarding how contingent workforce spend? If your organization is ready to bring order to the lawlessness running rampant with your contingent workforce management, a VMS is the key.
A Vendor Management Solution (VMS) technology is a solution that offers companies insights into their contingent workforce management across the enterprise. This results in cost reduction, improved supplier performance, and identified risk areas through a structured process at every step of the talent supply chain. A VMS also provides workflows and mechanisms to ensure much needed automation and governance to the complex parts of the contingent workforce procurement and management process.
Why a VMS is Important
As the number of contingent workers and the interest in acquiring skilled talent continues to skyrocket, VMS technology has become an increasingly in-demand resource for organizations who need to better understand the cost to do business.
A VMS is primarily utilized to gain transparency and control over employment supplier information, supplier relationship management, and employment risk exposure in your company. Adding a VMS technology to your contingent workforce strategy greatly reduces the possibility of human error by removing the need for manual data entry and streamlining your workflows through artificial intelligence. Automating your supplier onboarding process will help ensure you have a complete vendor data profile for every supplier from day one and can also monitor performance and compliance.
6 Top Benefits of a VMS
Organizations that orchestrate their strategic contingent workforce management within a VMS technology platform experience the following key benefits.
Automated Requisition Distribution | Is there a fuss being made to acquire talent quickly and drive the hiring process? The automatic dissemination of information and priorities with your talent suppliers keeps the hiring process moving, creating enhanced efficiency for all participating entities.
Access to Analytics & Reporting Tools | Are you feeling white-eyed when collecting all the information on your contingent workforce? Using the VMS’ real-time intelligence, businesses gain access to their suppliers’ performance, spend, cost control and reduction, document management, process improvement, compliance and more. Through the VMS, it becomes clear to see where opportunities exist so adjustments can be made, and positive results magnified.
Supplier Contract Conformance | Are you feeling ambushed by your hiring process? In a multi-supplier environment, the lack of a VMS creates an organizational nightmare with managing the contracts, documentation, and other important employment-related information. By implementing a VMS, companies benefit from a centralized view of the status of all contracts and paperwork, tracking and measuring the performance of all suppliers in one place. This saves companies valuable time and allows decisions to be made more quickly and confidently.
Configured Workflow Process | Do you feel like you are dueling with hiring managers to create control over this process? With a VMS in place, hiring managers are notified when candidates are submitted, all submissions are consolidated in one place, and talent can be easily assessed against the requirements for the role which helps suppliers become more effective.
Streamlined Financial Administration | Streamlining the payment process for your workforce suppliers can make you feel like you are between a rock and a hard place. A VMS allows companies to take control of the entire financial process, saving time and automating end-to-end processing of workforce payment and supplier invoicing. The contingent workers enter their billable time and submit it for managers to review and approve online, through a secure portal that saves your company time while reducing employment-related risk.
Enhanced Supplier Collaboration | Does your posse lack collaborative relationships with suppliers? Effective collaboration is important to any business relationship. Our VMS technology automatically triggers important and time-sensitive notifications in dashboards and using automated email communication. Within these notifications, companies can provide feedback throughout the hiring lifecycle, providing suppliers with important information to make improvements.
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