How a VMS Works
VMS technology is a web and cloud-based application that allows you to manage the entire contingent workforce process in one centralized, and automated, location. Through detailed reporting, you can gain full visibility and measure the performance of your staffing suppliers from request to payment.
Benefits of a VMS
Here’s how a vendor management system will help your business manage and engage non-employee staffing vendors:
Create your own Ecosystem
Through the latest in API tech, Conexis can integrate with any of your systems, allowing you to build your own custom contingent workforce ecosystem with Conexis as the backbone.
This puts your entire workforce in one place.
Add to that, Conexis can integrate with your HRIS putting your company’s entire global workforce at your fingertips.
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Improved Workforce Visibility
Many businesses manage their non-permanent workforce – made up of independent contractors, freelancers and temporary workers – on an Excel spreadsheet. Unfortunately, this is time-consuming, leaves room for human error, and results in expensive inefficiencies and fragmented processes.
VMS solutions will automate timecards and invoicing, and streamline every step of managing your contingent workforce. Through this increased visibility, your organization will no longer have rogue spending or inefficient hiring processes. You’ll be hiring workers that help you achieve both your short-term and long-term goals.
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Automate Workforce Management
Tired of wasting countless hours managing your non-employee workforce on a spreadsheet? A SaaS vendor management system will save you hours of wasted time and reduce those opportunities for human error that throw your contingent workforce management off-track.
By automating the entire process from sourcing, onboarding, time entry and approval, analyzing vendor performance, payments and much more through the use of a VMS, you’ll save your organization countless hours of wasted time and large amounts of wasted money.
Reduced Costs
To improve profitability, your organization needs to save money. You can save vast amounts of money by not only getting the lowest price from vendors, but by using the increased visibility from a vendor management system to better control costs.
A VMS solution will show your company exactly where your invisible costs are and where you might be overpaying for temporary workers. There’s no better way to save money on your non-employee workforce by making sure you aren’t paying more than the market rate for non-employee workers, aren’t overpaying staffing supplier markups, eliminating invoice errors and saving precious company time through automation.
Vendor Consolidation
Non-employee workforce management involves dozens, even hundreds, of vendors with thousands of transactions spread across them. This involves complicated invoice processes that many companies manage with paper or emailed invoices.
This expenditure can be almost impossible to track manually, and often leads to hidden costs and invisible challenges. The use of a vendor management system will consolidate all vendors and transactions into one centralized, and automated, location.
The use of a VMS like Conexis will consolidate the entire vendor process. That means automating and centralizing timesheets, improving visibility into non-employee workers, and centralized performance reporting. No matter what data you need to access for your vendors or temporary workers, it will be easy to locate in Conexis.
Monitor and Track Vendor Performance
Properly monitoring and tracking the performance of your vendors will help to ensure your organization is achieving its workforce targets. A vendor management system will provide unique visibility into vendor performance, including metrics such as time-to-fill, time-to-submit, turnover and much more.
Monitoring each stage of your contingent workforce lifecycle will help you to address problems before they become deep-rooted in your contractor hiring strategy, as well as identify areas that could be improved. This will help your company save time and realize cost efficiencies.
