Is your company using contingent workers to better control its labor costs, to access talent to better fill skill gaps within your organization, for improved flexibility or the ability to scale your workforce up and down as-and-when needed? If you answered yes, then you’ll know just how challenging it can be to successfully manage a contingent workforce.
For an effective contingent workforce program, consolidating staffing agency data and gaining visibility into performance is absolutely key. In this article, we’re going to discuss how your organization can achieve successful vendor data management, and save significant soft and hard savings within your contingent workforce management program.
There are many organizations finding that they have no real visibility or control over their contingent workforce program, with fragmented processes across their business.
One of the main challenges we see for so many companies is that they are still using spreadsheets, in-house databases or Share-point-like websites to manage their staffing agencies. Manual systems are simply not an effective way to manage your staffing vendors.
Managing your staffing agencies on manual spreadsheets will result in a lack of consolidation of vendor data and a complete lack of visibility into their performance. This leads to hidden risks, rogue spend, fragmented vendor processes across your business and the opportunity for human error to impact your data.
Your organization can achieve successful vendor data management, and save significant soft and hard savings within your contingent workforce management program, simply by using a vendor management system (VMS) to manage your staffing agencies.
Let’s start with a quick look at what vendor management software actually is.
What is VMS?
A vendor management system is a software platform that enables organizations to securely manage, automate and consolidate the management of the entire staffing agency process in one easy-to-use centralized location.
By consolidating vendor data and vendor management in one centralized location, organizations are able to gain clear visibility and control over their entire staffing agency workforce.
The result? There are many benefits to a VMS: Your business will have greater control over non-employee workforce spend, improved internal vendor management efficiencies, greater visibility of staffing agency performance, reduced costs and improved workforce quality.
A VMS creates clarity through improved vendor management
With that in mind, how exactly does a VMS help your company to achieve successful vendor data management? We have listed just a few of the key ways in which a vendor management system gives you improved clarity into the management of your vendors:
Vendor consolidation
Engaging staffing agencies to source non-employee workers for your organization will leave your business with hundreds, or even thousands, of data points. Managing this data is virtually impossible manually, and doing so will have a huge impact on how effective and expensive your contingent workforce management program is.
Thankfully, a VMS will consolidate all vendor data across your organization into one centralized place. That means every hiring manager across your organization will know exactly what rates they should be paying vendors, and the manager who oversees the entire contingent workforce program will have complete visibility into staffing agency spend and performance.
Monitor and track vendor performance
A VMS stores all of your vendor management data in one centralized location, giving your business the visibility it needs to monitor and track staffing agency performance. You can use this data to monitor each stage of your non-employee workforce lifecycle, addressing problems as they occur and identifying areas in your program that can be improved.
By having a strategy to properly monitor and track vendor performance, you will ensure your staffing agencies are working successfully to help your business achieve its workforce targets.
Would you like to learn more about Vendor Management Systems?
For those seeking a fresh VMS Solution, download our complimentary VMS Buyers Guide. It equips you with essential insights on how to choose the perfect VMS for your needs, complete with specific questions to ask potential VMS providers.
About Conexis VMS
Conexis VMS is a robust, cloud-based, mobile-friendly software application that empowers your company to streamline and oversee your entire contingent workforce, regardless of the diverse skill sets you require. Our award-winning Vendor Management System is the the most modern and advanced VMS tech stack available today that has been built with the user in mind. It starts with the latest codebase and extends to our lightning-fast AWS microservice infrastructure. Add to that our Open API and Software Development Kit (SDK), making Conexis the lights-out leader in VMS technology. Because of our technology, Conexis VMS implementations is fast and easy. We can have your organization set up in our system in as little as a few weeks!
Contact Us
Whether you are looking for a new VMS Solution, or just getting started, we are here to help. See how easy Conexis is to use by taking a quick 2 minute Self-Guided Tour. Contact Us for a Free No-Obligation Consultation to discuss your workforce challenges (and get immediate actionable insights) or Book a Personal Demo Today!
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