By Aparna Mishra | 2/25/2016 | Business Management

Vendor Management Software

To manage your non-employees invest in a vendor management system (VMS) software that provides you automated features to manage this flexible workforce.  Mostly available as SaaS (software-as-a-service), VMS helps in dealing with high volume and complex recruitment processes.  It assists in managing client requirements and large pool of vendors by providing excellent service to exceed your clients’ expectations.   

VMS is a tool with which job requirements are distributed to recruiters, staffing companies, independent contractors and consultants.  It helps you in the recruitment process by facilitating the interviews and overall hiring requirements and also in labor time management and payment processing. Most VMS offers you full range of solutions to cater to your business needs.

These solutions helps reduce administrative work, improves the quality of service, reduces costs and risks for all stakeholders. VMS offers you seamless integration, data security, an easy and elegant user experience and powerful analytics. With VMS you are able engage, source and negotiate your project based initiatives effectively from a centralized system.  

The VMS software solutions available in the market support vendor neutral models. Based on your predefined rules, the approved suppliers receive job requisitions through this. The suppliers will then provide you with potential candidates who have to follow your skills and experience requirements.  What VMS offers you is access to competitive market to source exceptional talent increasing your visibility.  The time to fill in the position is reduced greatly and you get high quality candidates at a competitive rate.

You need to manage the timesheets and expense statements for your non-employees and VMS again steps in to reduce the administrative time involved in maintaining these records. Your submission and approval process is automated including the process of emailing and accessing through mobile devices.  Whether you workforce is based domestically or internationally, VMS takes care of processing time and payment. It also offers you flexibility in managing your rate types be it hourly, daily, weekly, bi-weekly, monthly or any other type.  

Global workforce in present times is a norm rather than an exception. VMS software takes this into consideration and adapts to the local as well international complexities. All invoicing complexities including handling VAT tax are handled thoroughly by VMS software.  You receive all VAT compliant documents to support legal entity billing. Pay-to-bill model and cross border tax exemption requirements are also supported by VMS software.

With the help of VMS you can create a pool of suppliers by collecting and analyzing supplier information.  Based on the supplier pool, you can source candidates for each project ensuring that you have the best fit available. You are also able to negotiate statement of work (SOW) terms with the help of VMS in real time. VMS also helps in tracking changes through different phases of SOW development with instant notifications and system alerts.

It also provides you with project tracking feature with which you can track and manage the engagement of suppliers through all projects. You can track project milestones, payments, time spent on the project as well expenses incurred on the project.  The automated billing and payment feature helps improve accuracy of invoicing and collection of payments.    

The reporting and analytics feature of VMS offers you insightful reports on your non-employee data.  It provides you reporting options that allows you to understand the day-to-day functioning of the projects and programs to manage them effectively. The reporting tool is visually interactive and thus you are able identify trends in the data to make informed, strategic decisions. This in turn helps you in streamlining your processes, reduces cost, improve productivity and raise quality.

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