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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