When it comes to enhancing their contingent workforce program, businesses face a crucial decision in selecting the perfect Vendor Management System (VMS). While numerous factors need to be taken into account, one key metric that tends to be underestimated is the provider's Net Promoter Score (NPS).
The choice of VMS provider holds immense importance in impacting your company's operational effectiveness, financial outcomes, strategic vendor partnerships, and capacity to accomplish your workforce objectives.
A vendor management system plays a pivotal role in your business by streamlining and automating processes related to managing your contingent workforce, thereby reducing administrative burdens and freeing up valuable resources.
- It provides your business with essential visibility and control over your contingent workforce, ensuring that you meet workforce targets, stay within budget, and effectively mitigate risks.
- Additionally, it enables you to effortlessly track vendor performance metrics to ensure that your vendors are meeting their agreed-upon service levels and maintaining quality standards.
It's crucial to note that not all VMS providers are the same. When selecting a VMS provider, various critical factors must be considered, including the provider's expertise, experience, quality of customer service, and commitment to continuous innovation.
One often overlooked, yet critical metric is the provider's Net Promoter Score (NPS).
What is a Net Promoter Score?
The NPS serves as a globally acknowledged gauge of customer satisfaction and loyalty, offering valuable insights into a provider's commitment to exceptional customer service and product quality.
This metric holds substantial importance for software providers, including those in the Vendor Management System sector, serving as a valuable tool in evaluating whether a provider is poised to meet your expectations and deliver a positive customer experience.
Calculation of the Net Promoter Score involves a straightforward question posed to customers: "On a scale of 0-10, how likely are you to recommend our company/product/service to a friend or colleague?"
What is a Good Net Promoter Score for a VMS Provider?
In terms of industry averages, according to the 2021 CustomerGauge B2B NPS & CX Benchmarks Report, the median NPS for software was 36.
In the realm of Vendor Management Systems (VMS), surpassing the industry average in Net Promoter Score (NPS) typically indicates elevated customer satisfaction levels. This achievement is often linked to factors like robust features, user-friendly interfaces, and, notably, exceptional customer support.
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Source: CustomerGauge B2B NPS® & CX Benchmarks Report 2022
Top-tier software NPS scores, known as the best-in-class, typically fall within the 50 and above range. A score within this range indicates that a company has not only satisfied customers but also promoters who are likely to recommend the software to others.
Achieving such a score signifies that the software provider has consistently exceeded expectations, offering top-notch products and exceptional customer service.
Therefore, when searching for the premier VMS software provider, it is essential for organizations to view the NPS as a gauge of customer satisfaction and the caliber of customer support.
While average scores serve as a reference point, the ultimate objective should be to align with a provider that aims for best-in-class NPS scores. This showcases their dedication to delivering outstanding customer experiences and their ability to cultivate a community of promoters, thus increasing the likelihood of successful vendor management.
The Conexis Difference: NPS Score of 71
At Conexis VMS, we understand that achieving a high Net Promoter Score (NPS) doesn't happen by chance - it's the result of deliberate efforts to prioritize our customers' needs. That's why we place a strong emphasis on two key areas:
1. User-Friendly Design
2. Exceptional Customer Support.
Our unwavering commitment to providing a seamless user experience and top-notch customer care has earned us an impressive NPS score of 71 among our current users, surpassing the industry average.
This score is not just a number; it reflects our dedication to exceeding customer expectations and continuously enhancing our services. It demonstrates that our clients are not only satisfied but also confident in recommending Conexis to their industry peers.
- Read More about the Importance of NPS, User Experience and Adoption➡️ How Sub-Par VMS Tools Impact Contingent Workforce Program Adoption
➡️ VMS and MSP Adoption: The Key to Successful Workforce Management➡️ Support for Vendor Management Systems: Why Customer Care is Important
➡️ 5 Key Steps for Successful Vendor Management System User Adoption
➡️ VMS Training & Adoption: Preparing Your Team to use a Vendor Management System
Interested in learning more about Vendor Management Solutions?
Whether you are looking for a new VMS Solution, or just getting started, we are here to help. See how easy Conexis is to use by taking a quick 2 minute Self-Guided Tour. Contact Us for a Free No-Obligation Consultation to discuss your workforce challenges (and get immediate actionable insights) or Book a Personal Demo Today!
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