The contingent workforce has grown exponentially in recent years, but many organizations are still lacking the technology required to manage both their contingent workforce management program and their staffing agencies effectively.
That’s because manual methods, such as spreadsheets, simply do not work. They lead to human error, time-consuming processes, internal inefficiencies and a complete lack of visibility into how the contingent workforce management program is performing and where money is being spent.
That’s why investing in technology is crucial. Businesses that implement a Vendor Management System (VMS) into their contingent workforce management program will realize superior results.
Staffing Agency Software
A vendor management system is a platform that allows businesses to manage and procure contingent workers, as well as manage and gain insights into the performance of the staffing agencies they use to source those contingent workers.
VMS software allows businesses to automate the processes associated with contingent workforce management, such as engaging staffing agencies, sourcing contingent workers, onboarding workers, time entry, approval and invoicing.
In addition, a VMS also provides reporting and analytics functionality that gives a company insight into how their contingent workforce program is performing and whether their staffing agencies are meeting predetermined targets.
A vendor management system is used in staffing for two primary reasons:
- To effectively manage, and gain visibility, into a company’s contingent workforce.
- To manage the staffing agencies a business uses to source those contingent workers.
By centralizing the entire contingent workforce management strategy into one platform, a VMS ensures all hiring managers are in sync and working together to achieve their company’s overall objectives.
How can you benefit from using a VMS?
A vendor management system has capabilities and functionalities that result in many benefits that implements one into their contingent workforce management strategy.
Through VMS implementation, a business is able to ensure they have complete control and visibility over their contingent workforce, insights into staffing agency performance and standardized processes across the entire business. This all helps ensure significant ROI on the contingent workforce.
Here are just a few of the top business benefits a VMS can bring:
- The ability to obtain measurable results and advanced analytics into workforce requirements and staffing agency performance.
- Increased efficiency through the automation of processes.
- Reduced costs, through more strategic workforce decisions, better staffing agency partnerships and improved internal processes.
- Improved processes that ensure a company’s workforce remains compliant with employment laws and regulations.
- Contingent workforce management standardization across the entire business, ensuring hiring managers pay staffing agencies predetermined rates and follow standardized processes.
- A better vendor onboarding process for improved staffing agency partnerships.
How long does it take to Implement a VMS?
With more vendor management system options to choose from than ever before, there’s a good mix of systems that are similar and others that have different functionalities.
These functionalities have a big impact on implementation time - while many of the traditional VMS providers are complex and often way too confusing for companies with smaller amounts of contingent spend, new VMS systems are scaled back and focus on the core functionalities you need.
VMS implementation time for some of the larger VMS platforms designed for enterprise can take many months, while implementation with an easier-to-use platform can be as little as a few days.
Getting Started with a Vendor Management System
Learn more about the Benefits of a Vendor Management System and what to look for when choosing the best VMS for your organization. Download our Free VMS Buyer's Guide here:
Take the Next Step with Conexis VMS
Conexis is an award-winning VMS tailored specifically for mid-market contingent workforce programs. Leveraging the latest technology, Conexis delivers the expertise, reliability and security of enterprise systems, while offering the flexibility, user friendliness and tailored service you require. Conexis delivers enterprise level software - without the enterprise level complexity and cost. Learn more about our Company and why organizations Choose Conexis VMS.
Contact Us
Whether you are looking to change your VMS solution, or just getting started, we are here to help. Contact Us for a Free No-Obligation Consultation to discuss your workforce challenges (and get immediate actionable insights). See how easy Conexis is to use by taking a quick 2 minute Self-Guided Tour, or Book a Personal Demo Today!
Additional Articles on this Topic:
Read More
