Ask the Expert: 7 Critical VMS Advancements to Watch for in 2024

What are the critical Vendor Management System (VMS) advancements to watch for in 2024?  Watch this "Ask The Expert" educational video with John Clark, Co-Founder of Conexis and Jeff Nugent, CWS as they share insights on 2024 VMS Trends and Strategies.

Conexis VMS, a leading provider of modern vendor management systems (VMS), is proud to participate in the "Ask The Expert" educational series hosted by Jeff Nugent, Contingent Workforce Strategies (CWS) which features topics of interest to the Contingent Workforce Industry.

Watch this episode of the series, featuring John Clark, Co-Founder of Conexis VMS, as he shares his insights into VMS trends and strategies in 2024. Watch the full video below here (30 min), or scroll past the video and read our summary of the key points discussed.  Watch the video: Here 

Vendor Management Market - Where We are

Historically, the Contingent Workforce Vendor Management Software (VMS) market has been dominated by a few big players. As these players have grown, we have seen them focus on large enterprise style buyers. This has left a gap in the market for companies without enterprise levels of spend that have struggled to find a robust solution or get the attention they deserve when implementing and running a VMS.

There are many challenges facing MSPs and Buyers with legacy systems. Companies who have built their own systems need to invest in new technology to support their legacy systems or require different support as their business needs have changed.  Legacy system implementations can take a long time, be complex and expensive and post implementation can be difficult.  Customization can be cumbersome.  Other challenges with legacy systems are that Interfaces are dated and many organizations experience poor customer service. 

Vendor Management Market  - What's Coming in 2024

As we look to 2024, there are key advancements coming to the VMS Market. These include:

1. Advancements in the Tech Stack - Many VMS providers have a legacy code base that requires a significant amount of investment to keep it updated. There is a need to modernize the tech stack by simplifying the coding language and move away from legacy systems to simplify them and make them more agile, and easier to function.
2. Easier to Use Interface - The user interface is increasingly becoming more important - the look, feel and design affects not only usability but also adoption. There is a science behind User Interface to make it easier for the user to navigate and access information. There is no excuse for a poor, dated interface in our tech dominated times. 
3. Growth in Open API - MSPs and Buyers increasingly want access to their data so that they can control it and create their own customized reporting. Some MSPs may have several different VMS systems but want to integrate everything into one scorecard or centralized dashboard. Customers want to consume data on their own. An Open API also means integrations and data feeds are significantly faster to execute.
4. Companies are looking for Integration - The boom in amounts of tech available means there is an increasing number of organizations who have several different technology platforms/solutions and want the ability to integrate quickly and easily. 
5. Increase in AI Research - As organizations want to automate more, there is increasing interest into how to use AI. In 2024, we will see more research into AI and building of case studies and use cases. The biggest challenge is data - If you want to pull from the system, you must have the right data imputed, so reducing user apprehension will be key in 2024.   
6. Increase in number of Companies looking for a VMS - There are many companies that are looking at new VMS options. For companies looking for a Gen1 solution, it's important that they know what business needs they are looking to solve. As they say, "Don't buy a Ferrari if you don't have a drivers license".  They may not need one of the larger companies to meet their needs and while some big providers do support a mid-level spend solution, technology there are a lot of options for companies to look at that will provide them with a more cost-effective solution aligned to their business needs. 
7. Reduction in Fear of Change - We are seeing that with the advancements in technology, more and more companies are now switching VMS providers. Previously this may not have been worth the risk and managing the scope of change, but now with new technology advancements and integrations, this can be done easily, with little cost and with a fast implementation. 

The Conexis Difference

At Conexis, we've built a sophisticated VMS software solution that’s easy to use. We’ve removed the complex functionalities and features of the traditional VMS providers and only included the components that you truly need. That means we’re able to stand up our out of the box VMS system for your organization in as little as a few weeks. 

Interested in learning more about Vendor Management Solutions?

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!