What You Should Know About Vendor Management Technology

While there are many benefits to having an on-demand, temporary workforce, they often present complex management challenges. A contingent workforce is a dynamic ecosystem and they require visibility and standardized processes to ensure continued cost savings, enhanced efficiency and increased productivity. 

Managing your contingent workforce in a centralized, transparent system is essential. Otherwise, when different hiring managers and stakeholders use different vendors to source their talent with different processes, services, and price points, the result is chaos. Operating under a disjointed model will affect not only your bottom line but also company morale. This kind of mismanagement can also lead to weakened supplier relationships and missed opportunities for top talent.

Partnering with a Managed Services Provider (MSP) will empower your organization to optimize and streamline your contingent workforce management. An MSP can analyze and design your program, optimize your supplier management, and create cost savings that will result in a higher ROI. And beyond an MSP’s expertise in workforce management, a good provider will also implement robust vendor management technology. 

New-generation vendor management system (VMS) technology can automate and streamline the processes that support the sourcing, acquisition, management, and payment of your contingent workforce, including requisitions, approvals, time management and scheduling, expense management, payments, and real-time reporting. A solid VMS platform should also include the following features:

1. Easy-to-use

2. Mobile friendly

3. Enterprise integration

4. Data-as-a-service

5. Data protection

6. Global capabilities 

With real-time reporting capabilities and visibility, your VMS technology can produce cost savings and empower your organization to make data-driven decisions for today and the future. To learn more about new-generation VMS platforms like Eastridge Cloud™, contact us today.