Following a challenging year in 2023 for the contingent staffing industry, the opportunity to attend ProcureCon Contingent Staffing 2024 at the JW Marriott at L.A. LIVE in April was like a breath of fresh air, brimming with optimism and engaging discussions. Here are some key insights, viewed through the lens of a VMS, from the event, offering a glimpse into the future of contingent labor management and procurement technologies.
1. A Brightening Horizon
Amidst the challenges of the past year, there is a noticeable shift towards positivity in the Contingent Workforce market. Industry leaders are embracing optimism, eagerly exploring new technologies and strategies to propel forward as demand appears to be resurging once more.
2. The VMS Conundrum for Light Industrial
The conversation about Vendor Management Systems (VMS) and their role in managing high-volume, light industrial contingent labor was significant. Although tailored VMS solutions are available to meet these needs, skepticism persists among many buyers. They firmly believe their business needs are unique and that an ideal solution is yet to be found. This doubt highlights a larger industry challenge: the necessity for solutions that are not only in existence but also recognized as effective by users. Often, legacy VMS providers have persuaded buyers that such a solution does not exist, presenting a substantial opportunity for agile and specialized providers that can offer truly customized solutions.
3. The AI Revolution in VMS
Artificial intelligence has transcended its traditional role of simply matching resumes to job descriptions. It stands at the precipice of a profound transformation in Vendor Management System (VMS) functionality. Over the next 12 to 24 months, AI is set to revolutionize the landscape of contingent workforce management by significantly reducing the burden of administrative tasks and manual input. This groundbreaking evolution is poised to make VMS platforms more intuitive and efficient, leading to a substantial enhancement in the overall procurement process. The ripple effect of this evolution may have a considerable impact on tactical MSP delivery models, ushering in a new era of streamlined and data-driven workforce management strategies.
4. The Rise of Direct Sourcing
The trend of direct sourcing continues to gain momentum, with buyers demonstrating a heightened interest to diversify their outreach channels. This method of procurement, which directly taps into talent pools curated by buyers or their partners, is increasingly sought after. Buyers perceive it as a means to exert more control and reduce costs, fuelling their interest (although this isn't always the case from our perspective). However, there remains a notable lack of integration and collaboration between permanent, strategic talent acquisition teams and the groups involved in direct sourcing contingent workforce, highlighting an area for improvement in the industry.
5. Elevating Worker Engagement
A key takeaway from the conference was the spotlight on enhancing worker engagement within the VMS. It’s increasingly evident that buyers must prioritize optimizing how workers interact with and navigate the system to fully unlock its benefits. This encompasses everything from seamless onboarding to efficient assignment management, with a focus on cultivating a more interactive and user-friendly interface.
Looking ahead, the contingent staffing industry appears primed for swift evolution. The insights gleaned from ProcureCon not only serve as a roadmap for what lies ahead but also ignite innovative ideas on how we can best prepare and adapt to these forthcoming changes. As industry professionals, it is imperative to stay nimble and well-informed, poised to harness these advancements to elevate our operational efficiency and strategic outcomes.
- Read More Insights on 2024 Industry Trends
➡️ 7 Critical VMS Advancements to Watch for in 2024
➡️ VMS Trends: 3 Critical Advancements in VMS Technology in 2024
Need Help Choosing the Right VMS?
Whether you are in the market for a new VMS Solution, or just getting started, we are here to help. Download a free copy of our 2024 VMS Buyers Guide to help you choose the right VMS for your organization. This helpful guide includes a checklist of questions to ask VMS providers when you are making your selection.
About Conexis VMS
Conexis VMS stands out as a user-friendly and budget-friendly vendor management system (VMS) that leverages cutting-edge technology and prioritizing user experience. By streamlining and automating the procure-to-pay process for contingent non-employee contractors and their supplying vendors, Conexis enhances transparency, efficiency, compliance, and cost-saving opportunities throughout the organization via comprehensive reporting and analytics.
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