Vendor Management System
– Staff At The Click Of A Mouse

A Vendor Management System (VMS) is an internet based software application that enables a business to procure and manage temporary and permanent staff as well as contract and contingent staff. The Vendor Management System usually includes:

• Staff ordering processes or job requisition.
• Automated billing.
• Management reporting.
• Business Intelligent (BI) functionality.
• Workflow engines.
• Service catalogue that includes standardized positions and skills.
• Tracking facilities.
• Approval processes.

The installed Vendor Management System will create a centralized internet based environment that will allow a purchaser to enter their staff resource requirements to numerous staffing vendors.

Vendors will be able to reply in real time in a standardized method, proposing their particular staffing solutions. There are a number of advantages to using a VMS:

• Only approved staff are hired.
• ll the vendors can bid for their staff to be hired so there is competitive bidding.
• The purchaser can set up standardized job descriptions.
• All submitted staff details are available in one place and many systems can rank the proposals according to the purchasers requirements.
• There is a central work flow engine that manages the process end to end.
• Questions, interviews and rejections are notated and tracked.
• Staff rates are kept low by the competitive environment as opposed to individual negotiations.
• The entire process is much quicker and smoother.
• No time is spent on reviewing staff that are too expensive.

The management of staff on site is also greatly simplified by a Vendor Management System:

• The same time cards are used by all staff.
• All staff are hired on uniform rates and expenses.
• Time can be reported against multiple projects.
• All consultants will be on identical time reporting schedules.
• There is accurate data about staff utilization removing overlaps and loss of staff.
• All timesheets can be seen in one place.
• Overtime can be capped or approved automatically.

The vendors benefit from:

• Quick approval for their staff.
• Invoices are more accurate and presented far quicker and in a uniform manner.
• Reporting errors are minimized.
• They have far quicker access to staffing requirements.

As you can see there are a great deal of advantages to a Vendor Management System and very little disadvantages, which is why so many companies use them.

 

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