The VMS was first developed over 20 years ago to help enterprise clients manage and procure staffing suppliers (vendors). At its inception, it was designed to provide visibility, cost control, vendor optimization and risk mitigation. Integrations existed but were mainly used to exchange source data and alleviate manual entry.
But as the talent market has evolved, it’s become vital for contingent workforce programs to adopt tech stacks beyond vendor management systems – particularly for those seeking additional ways to attract, recruit and deploy talent. Enter the new era for the VMS.
VMS technology has made significant advancements and has evolved as the hub for the extended workforce. Even the term “VMS” is quickly becoming outdated as the tech clearly does more than just manage vendors. Today, the VMS has increased integration capabilities and is adopting ecosystem partners to expand functionality.
These ecosystem partnerships give the VMS an alternative to creating proprietary functionality. This increased integration capability allows for speed to market, enhanced functionality, centralized information and improved data analytics while providing scalability and flexible workforce streams.
The end results are extended workforce capabilities for the end user. The following are examples of the functionality and how they may be used.
AI automation. fostering candidate engagement, accelerating the hiring process and automating repetitive tasks.
Direct sourcing. ability to build talent pools, create candidate quality and engagement, drive cost savings and candidate redeployment.
Predictive analytics. Forecast trends, rate benchmarking, optimize workforce planning, resource allocation and overall performance improvement.
Skill assessment. Objective skill evaluation, optimizes skill evaluation, customized job matching and provides skill-based hiring.
Shift scheduling and management. Manage multiple shift types, real-time shift scheduling updates, shift fulfillment automation, schedule dashboards and visibility, monitor spending, and compliance.
A well-curated ecosystem of strategic partners and integrations enable the VMS to become more dynamic and innovative. As contingent work continues to change and expand, these types of collaborations will help give the VMS a competitive edge in a workforce plagued with complexities. By embracing this method of partnership, the VMS continues to better its core functions, while its ecosystem partners provide enhancements that continue to extend workforce capabilities.