1. THE STRUGGLE TO MANAGE YOUR CONTINGENT WORKFORCE

Traditional HR practices are not suitable enough to manage the external labor pool. Therefore, over the years, to remain globally competitive, businesses have turned to cloud-based technology solutions like Vendor Management Systems or VMS. But do you know why?

• Enhanced Efficiency: Traditional HR practices can lead to inefficiencies due to fragmented processes. A VMS automates and streamlines critical tasks such as sourcing, hiring, onboarding, assignment management, timesheet processing, invoicing, and compliance management. Additionally, it simplifies offboarding, reducing the administrative burden on reporting managers and significantly decreasing overall administrative tasks.

• Better Visibility and Control: Process control and visibility are challenges in all types of contingent workforce models. When working with an MSP or external partner, you might lack insight into operational costs, efficiency, and emerging compliance issues. Conversely, an internally managed program may suffer from issues related to compliance, worker classification, delayed payrolling, and vendor performance due to limited experience and visibility. A VMS platform addresses these concerns by providing comprehensive visibility and control, helping you avoid costly mistakes and ensuring smooth workforce management.

• Cost Savings: By centralizing vendor management and automating workflows, you reduce human errors, manual process laggards, inefficiencies, and hidden cost variants. Ultimately, leading to cost-time-effort savings.

• Scalability: The healthcare industry's response to COVID-19 is a prime example of the need for scalable workforce solutions. As businesses grow, managing a larger external labor pool can become increasingly complex. VMS solutions are designed to scale with your organization, allowing you to handle larger volumes of contingent workers efficiently. During periods of high demand, you can scale up your workforce, and when things stabilize, you can right-size without affecting your brand's reputation.

• Compliance and Risk Management: Features like mandatory document submission during the candidate application process ensure that you hire only compliant individuals. With FlentisPRO VMS, we support program managers and HR departments by tracking document expiration dates for all contingent workers. Our streamlined solutions make compliance management straightforward and effective.

2. AUTOMATED AND ENHANCED PROCESSES

VMS solutions simplify the processes of projects, assignments, managing expenses, on-boarding, off-boarding, invoices, responding to new opportunities, and sourcing. The contingent workforce keeps growing over the years, hence making it a tedious job to maintain all the contracts or records. This is where Vendor Management Systems come to the rescue. 

No employee or vendor would like to work with a business that isn’t process-oriented. Hence, we enhance your program with: 

• Streamlined Onboarding: Automated document collection and verification to ensure new hires are ready to start quickly. A leading IT company reduced its onboarding time by 50% by using automated workflows. They noted how they saved more by speeding up their onboarding process and deploying the contractor quicker with a VMS platform.

• Efficient Time and Expense Management: Automated timesheet submissions and real-time expense tracking reduce administrative burdens. Our clients love how easy and conducive our timesheet approval process is which allows them to release invoices quickly. You can choose between a fully automated invoicing process or manual modification to have more control.

• Centralized Vendor Management: A unified vendor database with automated updates simplifies vendor interactions. Our supplier tier system also ensures that your Tier-1 suppliers get the best opportunities to grow with you. However, the cherry on top is the supplier dashboard that keeps track of all newly released requisitions. Now you don’t have to stress over missing out on VMS emails.

• Real-time Reporting and Analytics: Customizable dashboards offer real-time insights, making it easier to track performance. All of our clients across industries appreciate how we’ve made standard reports specific to their everyday needs. And custom reporting functionality is adding value to the decision-making process. 

• Resource Allocation and Forecasting: Automated workforce planning and predictive analytics help meet project needs efficiently. The power of compounding data over months and years on VMS is that you will utilize that information in predicting your future needs. Seasonal scaling up will not be a surprise to your budgets.

• Reduction of Manual Errors: Automated data entry minimizes human errors, ensuring consistent record-keeping. If you’re still using spreadsheets to monitor how much you spent on your contingent workforce, then it's time to rely on a technology that is only meant to keep you safe from any errors or hidden charges.

3. VENDOR MANAGEMENT SYSTEM MITIGATES RISK

Every day, your organization faces various compliance issues, both internally and externally – from governmental regulations to corporate policies. We all know how costly it is to settle the dues if you’re caught in the compliance net. Vendor management systems (VMS) help cut down that risk for you. But how?

• Centralized Information Storage: All your information is in one system, making it easier to create and access audits. This reduces the likelihood of data discrepancies and enhances data integrity.

• Automated Reminders: VMS sends reminders about crucial tasks like invoice preparation, contract renewal, or tenure notices, ensuring that no deadlines are missed and all obligations are met promptly.

• Approval Controls: VMS establishes controls over relevant approvals, ensuring that only authorized personnel can make decisions, reducing the risk of unauthorized actions.

• Role-Based Access Control: Implement role-based access control to restrict access to sensitive information, ensuring that only authorized individuals can view or modify critical data.

• Third-Party Risk Management: Assess and manage the risk associated with third-party vendors, ensuring that they comply with your organization's standards and regulatory requirements.

• Audit Trail Maintenance: VMS maintains a complete audit trail of all transactions and changes, providing a transparent and traceable record that simplifies the audit process. Our history tab keeps track of small or major moves for each requisition and worker profile.