Are you struggling to keep up with all of your temp agencies after scoring a huge contract? A vendor management system (VMS) may be just the solution you are looking for.
Managing the new demand of landing a large contract can be difficult. One minute your business is running seamlessly, managing suppliers effectively and paying temporary workers with little hassle. The next minute you have signed a new contract, and to meet this demand your business needs to significantly scale up its workforce and manage a significant number of new vendors.
Landing a huge contract is great news for your business, but it also brings operational complexities associated with scaling up your workforce. If you are using spreadsheets or other manual ways to manage your non-employee workforce, it’s likely you will need to update your entire source-to-pay process to better manage your staffing agencies and improve the quality of your temp workforce.
Whether your organization has just signed that huge contract or you are preparing to, this blog will look at how a vendor management system can help your business rethink, and revolutionize, how you manage your on-demand workforce.
What is a vendor management system?
A VMS is a web and cloud-based application that allows you to manage, and automate, the entire vendor process in one centralized location - from ‘rec-to-cheque’. Through detailed data and reporting, your company can measure the performance of your staffing agencies.
The consolidation and automation offered by a vendor management system, allows organizations to; improve the visibility they have into their non-employee workforce and, as a result, avoid rogue spend; better manage staffing agencies to improve temp quality; as well as access internal efficiencies that empower your employees to focus their attention toward core business functions that promote growth.
This is a huge step up from the ineffective and time-consuming manual spreadsheets, in-house databases and Sharepoint-like websites that most organizations use to manage their staffing vendors.
How a VMS helps you scale your non-employee workforce program
Here are a few ways that a VMS will help your organization improve how it manages its non-employee workforce, especially after landing a large contract.
Consolidate your vendors in one location
To meet the workforce requirements of landing a new contract, your organization may have to engage a number of new staffing vendors to ensure high-quality temps are placed within your business.
Accessing high-quality temps relies on one thing - complete visibility into your staffing agencies.
A vendor management system will help you manage hundreds of vendors and thousands of transactions by consolidating all processes and information in one centralized location for your entire company.
Through vendor consolidation, you will be able to clearly track hidden costs and invisible challenges within your non-employee workforce program, as well as clear visibility into the data that shows how your vendors are performing. You can use these insights to not only reduce the cost of your program, but to make better vendor choices that lead to higher-quality temp workforce decisions, helping you seamlessly meet the demands of your new contract.
Automate the entire vendor process
To ensure you are able to meet the workforce requirements of your new contract, focus on a digital strategy that automates vendor management. This way you’ll be able to save time on creating manual reports, reduce the human errors associated with managing manual spreadsheets and eliminate fragmented vendor management processes throughout your organization.
A VMS is a simple, easy-to-use, system that automates your entire workforce and vendor management process. By automating processes such as sourcing, onboarding, time entry, approval and vendor performance analysis, your business will save countless hours.
This all gives your more time to focus on what matters, growing your business
If you can automate all of the processes around vendor management that lead to lower costs and a higher-quality temp workforce, then your business will be in a far greater position to meet the needs of any new contracts that you sign.
Rather than spending countless hours on managing staffing vendors and temp workers, your HR and procurement teams can use that time to focus on core business functions that offer real value to your company and ensure the satisfaction of your new clients.
A vendor management system will ensure your staffing vendors are compliant and equipped with all the information they need to improve the quality of your temp workforce, while at the same time optimizing your own internal management processes.
Sounds like a win-win right? For more information on how a vendor management system can improve how your organization manages its staffing vendors and temporary workers, contact us today.
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