What is VMS Technology And Why do You Need It?

Were you aware that nearly every company relies on the contingent workforce to some degree, and this trend is on the rise?  Indeed, based on McKinsey's recent American Opportunity Survey (AOS), 36% of employed individuals consider themselves independent workers. 

Are you ready to manage a Contingent Workforce?

While flexibility and cost-effectiveness are key advantages of utilizing non-employee workers, many companies admit to struggling with streamlining the management of their temporary workforce effectively.

This is where VMS Technology steps in.

Undoubtedly, navigating a non-employee workforce is a complex task. To ensure proper management of contingent workers, it is crucial for your organization to move away from time-consuming and error-prone Excel spreadsheets and adopt a vendor management system (VMS) for centralized data management instead.

Relying on an Excel spreadsheet to manage your temporary workforce is a risky move.  With the complexity of managing temporary workers and the countless data points involved, using a spreadsheet can lead to overpayment, lack of visibility into your extended workforce, worker misclassification risks, and inefficient processes. If you believe that Excel is the solution to these challenges, you may need to reconsider your approach. For more information, check out our blog on the 5 Dangers of Using Manual Spreadsheets to Manage Staffing Vendors. 

Here are a couple of reasons why relying on a spreadsheet falls short:

The sheer volume of manual work involved in managing a contingent workforce, whether it's 100 or 1,000 non-employee workers, results in a multitude of data points to handle. Juggling multiple vendors and hundreds or even thousands of temporary workers without complete visibility into their journey can lead to potential overpayments or missed opportunities for process optimization.

Furthermore, manual data entry into Excel leaves your business vulnerable to human error. With the complexity of managing numerous data entries and relationships, mistakes are almost inevitable. Managing a non-employee workforce effectively and cost-efficiently becomes challenging when using outdated or inaccurate information.

To mitigate these risks, it's crucial for your company to leverage VMS technology for managing the contingent workforce effectively. 

What is VMS Technology?

VMS technology is a powerful software solution, which is typically web or cloud-based, that enables your company to better, and more strategically, manage its contingent workforce management program. 

VMS technology automates and centralizes all contingent workforce management processes in one software solution, including engaging staffing agencies, sourcing top talent, onboarding contingent workers, time entry and approval, invoicing and so much more. 

VMS technology will give your business unique insights into how your contingent workforce management program is performing so that you can make better vendor and hiring decisions in the future. 

Why does your business need VMS Technology?

By centralizing data from every aspect of your non-employee hiring and management process, implementing VMS technology can unlock a myriad of advantages for your business:

1. Streamlined operational processes leading to time savings.
2. Enhanced visibility into workforce and vendor relationships resulting in cost savings.
3. Mitigated risk through better understanding of worker classification and tenure.
4. Utilization of reporting and analytics for informed decision-making and continuous improvement.
5. Complete automation of your contingent workforce procedures.
6. Streamlining vendors into a single centralized platform with consolidated invoicing, eliminating errors and inefficiencies.

The Conexis Difference 

Conexis VMS stands out as the most user-friendly vendor management system available on the market today; leveraging cutting-edge technology and prioritizing user experience at its core.

Conexis VMS is designed on the latest technology stack, allowing us to offer a sophisticated, secure, and scalable VMS at a significantly lower cost compared to traditional VMS providers. What's more, we have designed Conexis to be a user-friendly platform, saving your users time on navigating the system, increasing user experience and adoption, and enabling you to focus more on the core competencies that drive genuine business growth!

Interested in learning more about Vendor Management Solutions?

Whether you are in the market 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!