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Vendor Management System (VMS)

The label and acronym may be misnomers, but the results are clear. Vendor management software can yield significant benefits for finding and managing external workers.

A VMS gives acute visibility into the external workforce

With an increasingly complex and multi-channelled global workforce, enterprises must gain clear insight into who is working for them, where, why, when, and at which rates.

With answers to these questions, Procurement and HR leaders will be better equipped to gain a competitive advantage and not get left behind.

A major resource in need of illumination

Research conducted by iTech Digital in collaboration with Oxford Economics, found that only half of executives consider themselves well informed about the labor rates charged for their contingent workforce. Only 40-47% of executives consider themselves highly informed about compliance, contingent workers’ responsibilities, tenure, quality of work, headcount, and access to facilities.

A similar pattern emerges for services procurement. Just 53% are “highly informed” regarding the responsibilities of the service providers, and even fewer know the duration of work, access to facilities, systems, and confidential information, work quality, progress against milestones and/or deliverables, and compliance with licenses and certifications.

Here are the 3 most important qualities of top vendor management systems

Total workforce visibility

With vendor management software, a business can take a more organized and systematic approach to managing their flexible workforce. A VMS makes it easy for organizations to achieve total workforce visibility, maximize cost savings, improve worker quality and efficiencies, and enforce compliance.

Comprehensive reporting
Vendor management software allows users to accurately evaluate time, cost, compliance, quality and quantity by generating data-driven comprehensive reports, then comparing the evaluation to the industry as a whole.
Applicant tracking
A VMS has powerful applicant tracking functionality that helps organizations acquire the best talent and services, while creating a more efficient hiring process. From the moment a resource is requested to the time workers are on-boarded, the application takes automated actions that eliminate tedious administrative tasks. Hiring managers have access from anywhere to instantly approve or reject items, enabling the respective workflow to progress without delay.