In today's fast-paced and dynamic business environment, organizations are seeking more flexible ways to manage their workforce.
Contingent workers are more important than ever before. The rise of freelance, flexible and contractor labor allows companies to move fast and acquire top industry talent. These workers make it possible for businesses to improve their agility, quickly upskill when required and work on a project-by-project basis to retain a competitive edge.
Managing these workers has become a business priority for innovative organizations, and technology is critical.
Manually managing a contingent workforce - with spreadsheets, in house-databases and sharepoint-like websites - leads to human error, time-consuming processes and inefficiencies. While using legacy systems such as the big Vendor Management Systems (VMS) is expensive and time consuming. Many hiring managers simply do not use these complicated systems and, instead, engage contingent workers and staffing agencies on their own terms.
The result is a complete lack of visibility and control into how your contingent workforce program is performing and where money is being spent.
By embracing modern digital tools and technology, however, organizations can streamline the process of finding, hiring, and managing contingent workers. In this blog, we'll explore how the digitization of contingent workforce management is transforming the future of work.
How Contingent Workforce Management Has Been Digitized
The digitization of contingent workforce management has been made possible through the use of a range of technologies and tools, including:
Vendor Management Systems with APIs: Long gone are the days of traditional VMS systems that were integrated with custom-built codes by specialist third parties. Modern Vendor Management Systems have APIs, making it easy, fast and cost-effective for businesses to integrate them with the rest of their IT infrastructure.
Businesses Make the Most of AI: Leading businesses are increasingly optimizing how they use artificial intelligence (AI) in their processes, and the contingent workforce is no different. AI offers benefits such as natural language processing and real-time analytics to give organizations better insights into their contingent workforce program and improve data-driven decision making.
Digital Tools Make a Global Workforce Manageable: Companies are increasingly leveraging digital tools to support a global contingent workforce and improve the efficiencies of their workers. Cloud-based tools such as project management software and collaboration tools help to encourage communication and efficiency.
Data is Key: Hand-in-hand with the digitization of contingent workforce management comes data. Leading businesses are leveraging data to better understand how their contingent workforce program is contributing to overall company goals and identify growth opportunities. Data helps drive superior contingent workforce management decision making.
What are the Benefits of Digitized Contingent Workforce Management?
Digitized contingent workforce management provides numerous benefits for organizations, including:
✔️ Improved Efficiency: By automating manual processes and streamlining the hiring and management of contingent workers, organizations can save time and reduce costs. This allows them to focus on core business priorities and enhance their competitive edge.
✔️ Increased Productivity: By using technology to manage the contingent workforce, organizations can ensure that they are utilizing their resources effectively. This can lead to increased productivity and improved business outcomes.
✔️ Greater Visibility: With a digital approach to contingent workforce management, organizations can easily track and monitor their contingent workforce. This provides greater visibility and control of their program, leading to continual improvement.
✔️ Cost Savings: By reducing the need for manual processes and streamlining the hiring and management of the contingent workforce, organizations can realize significant cost savings and mitigate rogue spend.
Interested in learning how Conexis VMS, the world’s easiest Vendor Management System, can help enhance your contingent workforce program? Book a demo today.