Are you tired of managing your staffing agencies and contingent workforce on manual spreadsheets, and then dealing with the consequences of lengthy and low fill rates, poor workforce quality, rogue costs, and broken processes across the board?
Then why not consider the use of a vendor management system (VMS)? In fact, VMS software is the only real way to gain control of your non-employee workforce so that you can reduce costs, improve worker quality and improve speed to fill.
But what exactly is VMS software and why do you need it? In this article, we’re going to take a look at what a VMS solution is, how your business will benefit from a VMS implementation, as well as what a VMS costs. If you’re looking for a VMS but don’t know where to start, we hope this article can help you out.
1. What is VMS software?
VMS software, more formally known as vendor management software, is a cloud based system that acts as a mechanism for your business to procure and manage contingent workers and the channels that supply the workers (staffing agencies for example).
The use of VMS software allows your organization to manage and procure contingent workers and manage your staffing agencies, and, in some cases, permanent employees sourced through a staffing agency.
VMS software enables your business to manage the procurement of workers, measure vendor performance, onboard contingent and contract workers, track payments and a range of other processes related to your contingent workforce.
2. What are the benefits of using VMS software?
By using a VMS system to consolidate all vendor information into one centralized location, your business will realize a broad range of benefits. Here are some of the key benefits.
✔️ Gain complete visibility of your contingent workforce: A VMS system gives you complete visibility and control over your contingent workforce program. You’ll know where you're spending money, how your vendors are performing, how you are classifying workers and where you can make changes to optimize your entire contingent workforce program.
✔️ Improved efficiencies: Move away from manual, time-consuming and simply ineffective spreadsheets to an automated platform that improves ROI. VMS software automates processes such as sourcing, onboarding, time entry and approval, payments and many other tasks so you can focus on the core competencies that drive true business growth.
✔️ Reduce Risk: Avoid hefty fines and legal costs by ensuring you are classifying your non-employee workers correctly. A VMS solution gives you the tools you need to properly track, report and mitigate tenure, co-employment and risks associated with worker classifications.
✔️ Reduce contingent workforce spend: The most obvious benefit of a VMS is to reduce your overall contingent workforce spend. A VMS gives you full visibility to costs allowing you to identify areas of potential cost reduction. A VMS system brings your entire company on board enabling hiring managers to ensure they are paying market rates to staffing agencies when sourcing nontraditional workers.
3. How much does VMS software cost?
Traditional vendor management software providers are time consuming and expensive to implement as well as maintain. Pricing is usually based on a percentage of a company’s contingent workforce spend. Those costs can quickly add up, and have a serious impact on the ROI you realize from using a VMS system.
4. How long does VMS software take to implement?
If you’re experiencing a visible bleed in your contingent workforce program and the management of your staffing agencies, then it’s likely your organization will want to implement a VMS system into your business as soon as possible.
VMS software implementation can be easy or it can be complex. It all depends what functionalities you need, what integration you require and which provider you decide to partner with.
The Conexis Difference
At Conexis VMS, we’ve built a sophisticated VMS software solution that’s easy to use. We’ve removed the complex functionalities and features of the traditional VMS providers and only included the components that you truly need. That means we’re able to stand up our out of the box VMS system for your organization in as little as a week.
Interested in learning more about Vendor Management Systems?
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!
 |
 |
 |
Read More
