Many organizations are turning to the help of Managed Service Providers (MSPs) to manage their Contingent Workforce program, giving them complete visibility and control over their contingent workforce and staffing agencies. But with so many MSPs in the market, what can your business do to stand out over its competitors, add value and provide improved ROI to clients?
The Growing Importance of Contingent Workforce MSPs
An increasing number of organizations are turning to third-parties to outsource critical business processes and help them better achieve their overall business objectives. That’s why many organizations turn to the help of Managed Service Providers (MSPs) to manage their program, giving them complete visibility and control over their contingent workforce and staffing agencies.
Adding Value
A report from Deloitte found that organizations are seeking providers who can elevate the way they do business, enable them to be more flexible, help them leverage the latest technologies, and improve their overall speed to market.
This is particularly true when it comes to the contingent workforce, a business process that is renowned for being complex to manage. That’s why many organizations turn to the help of Managed Service Providers (MSPs) to manage their program, giving them complete visibility and control over their contingent workforce and the staffing agencies used to source those workers.
But with so many MSPs in the market, what can your business do to stand out over its competitors and provide improved ROI to clients?
Here are three things MSPs can do now to add immediate value for their clients:
✔️ Offer innovative solutions to drive ongoing enhancements
As a Managed Service Provider (MSP), your clients entrust you with a crucial aspect of their business operations. Your expertise lies in effectively overseeing a contingent workforce, and your clients depend on you to implement cutting-edge practices that enhance their return on investment and enable them to capitalize on the advantages of utilizing an externally-sourced workforce - including cost savings, heightened business flexibility, and enhanced talent acquisition.
Therefore, MSPs should collaborate closely with their internal team, suppliers, clients, and other industry organizations to brainstorm ideas that promote continuous program enhancement.
By spearheading ongoing improvements in their clients' contingent workforce programs, MSPs can ensure that clients maximize their ROI from their contingent workforce investment.
To achieve this, MSPs can utilize surveys to gather regular feedback on the processes, policies, and tools utilized in their clients' contingent workforce programs. This feedback can pinpoint new opportunities for enhancement within the program, facilitating the delivery of continuously improving ROI.
Ultimately, presenting just one or two groundbreaking ideas each year will remind clients of the invaluable role MSPs play in propelling the growth and success of their businesses, fostering enduring partnerships.
✔️ Maximize the effectiveness of the client's contingent workforce program
While hard dollar savings may be challenging to achieve in a well-managed contingent workforce program, there are always opportunities to enhance efficiency. These improvements can range from streamlining processes for hiring managers to expediting the onboarding of new workers.
Efficiency gains often stem from optimizing the utilization of the vendor management system (VMS). Whether it involves unlocking untapped functionalities or transitioning to a more user-friendly VMS, these adjustments can significantly boost productivity and streamline essential tasks for users.
MSPs should sit down with their delivery teams and record what the opportunities are for efficiency gains. Once identified, they can then package them to the client to show the soft value improvements that can be gained, such as productivity improvements.
In many cases, we believe that organizations can realize efficiency gains and productivity improvements by implementing a vendor management system that has been designed specifically for smaller spend organizations.
✔️ Re-Evaluate program guidelines
As contingent workforce programs expand and adapt, the policies and regulations should evolve accordingly. However, in many instances, these guidelines persist even when they may no longer be relevant or necessary.
These regulations only serve to create unnecessary layers of bureaucracy that hinder the primary objective of the contingent workforce program - efficiently filling positions with top-quality individuals within a specified budget. Moreover, these guidelines must be enforced to guarantee the company's compliance with local labor laws, reducing the risk of co-employment or misclassification.
Managed Service Providers (MSPs) can greatly assist their clients by consistently reassessing the policies and regulations within the contingent workforce program and suggesting revisions to minimize any unnecessary red tape while still meeting current legal requirements.
By offering a vendor management system that aids clients in enhancing their internal operations and achieving cost savings, MSPs can deliver genuine value to their clients, setting them apart from the competition.
➡️ MSPs: 5 Must Know Factors when Choosing a VMS➡️ Why Conexis is the Best VMS for MSPs: Open API, Data Control & Security➡️ Navigating the Future: Why MSPs Must Prioritize VMS Data Autonomy
➡️ VMS and MSP Adoption: The Key to Successful Workforce Management➡️ 6 Reasons Why MSPs Choose Conexis VMS
➡️ Why MSPs Need an Easier VMS: The Time to Upgrade is Now
➡️ Case Study: How An MSP improved fill ratios, client acquisitions & profitability➡️ How MSPs can leverage VMS Systems to better serve customers➡️ What should an MSP Look for when Choosing a VMS?Interested in learning more about how your MSP can add value for its clients?
Here at Conexis, we strongly believe that MSPs can benefit greatly from a vendor management system that has been specifically designed to be easy to use. That’s why we created Conexis, the world’s easiest vendor management system that has been built on the latest technology and designed with the user in mind.
Building a strategic partnership with a technology partner that has specifically designed an easy-to-use vendor management system will help MSPs to dramatically improve the service they provide - resulting in increased ROI for clients and improved profitability and customer satisfaction for the MSP.
Whether you are looking for a new VMS Solution, or just getting started, we are here to help. Contact us for a free no-obligation consultation, take a 2 minute Self-Guided tour of Conexis, or schedule a Personal Demo. Read more about why MSPs choose Conexis here: VMS for MSPs