Your non-employee workforce creates thousands of data points for your organization. Managing that data can be complex, often resulting in lost time, wasted cash, a lack of visibility into your workforce.
A vendor management system (VMS) will make those issues a thing of the past.
A VMS is a web and cloud-based application that allows you to manage the entire vendor process in one centralized, and automated, location. Through detailed reporting, you can measure the performance of your staffing suppliers from request to payment.
Here’s how a vendor management system will help your business manage and engage non-employee staffing vendors:
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.
Many small to medium-sized 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.
A VMS 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.
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.
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.
Non-employee workforce management involves multiple, even hundreds, of vendors with thousands of transactions spread across them. This involves complicated invoice processes that many companies manage manually.
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.
Not only that, but the use of a VMS 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 on your company’s VMS.
It’s important that you properly classify your temporary workers, otherwise your business could be facing lengthy court processes and hefty fines. A VMS makes this simple by allowing your company to properly document your non-permanent workforce, ensuring they can’t be confused as full-time employees.