An increasing number of organizations are turning to third-parties to outsource critical business processes and help them better achieve their overall business objectives.
In fact, a report from Deloitte found that organizations are seeking providers who can elevate the way they do business, enable them to be more flexible, help them leverage the latest technologies, and improve their overall speed to market.
This is particularly true when it comes to the contingent workforce, a business process that is renowned for being complex to manage. That’s why many organizations turn to the help of Managed Service Providers (MSPs) to manage their program, giving them complete visibility and control over their contingent workforce and the staffing agencies used to source those workers.
But with so many MSPs in the market, what can your business do to stand out over its competitors and provide improved ROI to clients?
Here are three things MSPs can do now to add immediate value for their clients:
✔️ Provide ideas that drive continuous improvement
As an MSP, your client has trusted you with a critical business process. You are the expert when it comes to successfully managing a contingent workforce, and your client relies on you to implement best practices that improve their ROI and enable them to access the benefits that come with an externally-sourced workforce - such as cost savings, greater business agility, and improved talent acquisition.
As a result, MSPs should be working closely with their internal team, suppliers, their clients and other organizations in the market to come up with ideas that ensure continuous program improvement.
By driving continuous improvement for their clients’ contingent workforce programs, MSPs are able to ensure that their clients are receiving maximum ROI from their contingent workforce investment.
To do this, MSPs can use surveys to solicit regular feedback on the processes, policies and tools being used in their client’s contingent workforce program. This feedback can help them find new improvements within the program, helping them to deliver continuously improving ROI.
Ultimately, just one or two big ideas each year will help a client remember how valuable the MSP is to the overall growth, and success, of their business. This will lead to the continuation of the partnership.
✔️ Optimize the client’s contingent workforce program
If an MSP has been doing their job successfully, hard dollar savings may be tough to come by within their client’s contingent workforce program. However, there are always new efficiencies to be gained.
In many cases, new efficiencies can be gained through easy modifications to the contingent workforce process, such as saving time for hiring managers or improving the speed at which new workers can be onboarded.
For many, efficiency gains can be achieved by how the vendor management system is being used. Perhaps the VMS has functionality that isn’t being used that could make processes easier, or maybe the VMS currently being used is just too complex or slow and takes users far too long to perform basic tasks.
MSPs should sit down with their delivery teams and record what the opportunities are for efficiency gains. Once identified, they can then package them to the client to show the soft value improvements that can be gained, such as productivity improvements.
In many cases, we believe that organizations can realize efficiency gains and productivity improvements by implementing a vendor management system that has been designed specifically for smaller spend organizations.
✔️ Review program rules
As contingent workforce programs grow and evolve, the list of policies and rules should change and grow as well. Yet, in many cases, these rules remain in place even when they may be outdated or unneeded.
These rules serve only to add layers of bureaucracy that frustrate and prevent the ultimate goal of the contingent workforce program, filling jobs with quality people for a specific budget. Not only that, but these rules need to be implemented to ensure that the company is compliant with local employment laws, mitigating the risk of co-employment or misclassification.
MSPs can significantly help their clients by constantly reviewing the policies and rules in place within the contingent workforce program, and recommending changes that ensure all possible red tape is minimized while still meeting current legislative requirements.
Interested in learning more about how your MSP can add value for its clients? Conexis VMS is an innovative vendor management systems that’s designed to be easy-to-use, cost effective and user-friendly.
By having a vendor management system to bring to clients that helps them to improve their internal efficiencies and realize cost savings, MSPs are able to bring true value to their clients that helps them to stand out from the competition.
Interested in learning more about how a user-friendly VMS can bring your clients value and help improve your MSPs position in the market? Book a demo of the Conexis VMS platform today
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