Managed service providers (MSPs) play a critical role in helping organizations to improve the return on investment they realize from their contingent workforce programs.
MSPs implement processes, technologies and controls into an organization's contingent workforce program, allowing them to better manage their staffing agencies and non-employee workers. This enables their clients to access the benefits that come with a robust contingent workforce program, such as reduced spend, improved access to talent and greater business flexibility.
To ensure MSPs can achieve this level of success for their clients, it’s crucial that they have the right technology partners in place.
Technology helps to automate processes, centralize data and standardize interactions, helping to uncover bottlenecks that lead to inefficient operations within a company’s contingent workforce and mitigating rogue spend among hiring managers.
This is exactly why a vendor management system is a critical component of how an MSP can better serve its customers. In this blog, we look at how MSPs can leverage VMS software to deliver improved ROI for its customers.
Leveraging VMS technology for improved customer ROI
A vendor management system - a web or cloud-based application that acts as a mechanism for businesses to manage and procure contingent workers, as well as manage staffing agencies - enables MSPs to implement robust contingent workforce programs into client businesses.
By consolidating all contingent workforce information into one database, MSPs are able to standardize their clients’ contingent workforce hiring process and gain complete visibility and control over the program - mitigating risks such as rogue spend or worker misclassification.
MSPs can leverage VMS technology to:
Automate tasks and minimize administration functions, delivering greater internal efficiencies and time-saving for their clients to focus on core competencies.
Consolidate all data into one platform to increase program compliance across all hiring managers and minimize risk.
Provide real time access to talent marketplaces and gig platforms which goes way beyond just staffing agencies.
Access real-time reporting functionalities that give both the MSP and client the ability to perform advanced forecasting and analytics, track service level agreements, key performance indicators and staffing agency performance.
Better control of client’s contingent workforce costs through improved visibility of where money is being spent, what on, and how much.
Not all VMS technology is made equally
All the above benefits are critical to the success of an MSP, but for MSPs to fully deliver improved ROI to their clients, partnering with the right vendor management system provider is critical.
Not all VMS technologies are made equal. There are many vendor management system providers out there, all with varying functionalities and different price points. So, how do MSPs know which provider to partner with and recommend to their clients?
Here at Conexis, we strongly believe that MSPs can benefit greatly from a vendor management system that has been specifically designed to be easy to use. That’s why we created Conexis VMS, the world’s easiest vendor management system that has been built on the latest technology and designed with the user in mind.
Building a strategic partnership with a technology partner that has specifically designed an easy-to-use vendor management system will help MSPs to dramatically improve the service they provide - resulting in increased ROI for clients and improved profitability and customer satisfaction for the MSP.
Are you interested in learning more? Book a demo of Conexis VMS today. We would love to show you first-hand how our innovative VMS can help your MSP better serve its customers.