Discussions regarding contingent workforce management (CWM) technology are frequent here at CPO Rising, and often revolve not only around the benefits and results that enterprises achieve by utilizing these solutions, but also the veritable evolution of these platforms and how they can address the future of CWM.
The modern Vendor Management System (VMS) platform has taken its rightful place atop the CWM technology landscape, along with Managed Service Providers (MSPs), services procurement technology, and Independent Contractor Engagement Specialists (ICES). Last year, we highlighted the history of VMS and these other platforms, and expanded on those articles to address the “next generation” of technology that will assist enterprises in managing the growing complexities of contract talent.
I recently teamed up with Provade, a VMS provider, to put together an on-demand webinar that discusses the evolution of the platform while presenting a valid case for how these solutions are effectively managing a variety of CWM aspects, such as supplier management, talent management, and business analytics / data reporting.
On the webinar, Provade president Edward Jackson and I discussed:
- How the perception of contract talent has changed over the past few years. Look no further than the rampant growth of contingent labor to see that enterprises across the globe are relying more and more on contract talent to meet core organization goals and objectives (and the fact that 62% of companies perceive contract labor as a vital component to their overall business). As more and more contract workers are brought into the average company, there will be a growing need for solutions and strategies to manage this labor from talent, quality, and cost perspectives.
- The VMS of yesteryear versus the VMS of today. The VMS of the past was founded on the premise of e-procurement technology and provided organizations with an automated means of managing and controlling staffing suppliers and agencies. The VMS of today offers so much more, including robust analytics, evolved supplier management capabilities, spend management competencies, and a greater reach to effectively manage complex contingent labor (such as SOW-based labor and professional services).
- Why VMS remains an ideal means for addressing the future of contingent workforce management. The future of contingent workforce management is a common topic here at CPO Rising, and as such, it’s always interesting to ponder how this complex arena will continue to evolve as the years progress. It is clear, however, that VMS technology will be even more prevalent in a future CWM world, as these platforms are supporting talent management (which is critical as companies view contingent labor with a talent-led eye instead of a commodity-led one), collaboration between key stakeholders (procurement, HR, IT, finance, and operations can all leverage VMS technology), and 24/7 access via mobile applications. On the mobile front, apps (as extensions of VMS software) can allow both executives and other users the ability to tap into the power of the greater platform whether on the road or out-of-the-office, further cementing the fact that contingent workforce management is a critical enterprise function.
Click here to download the on-demand webcast, and be sure to check out the corresponding research paper that tackles the next generation of Vendor Management System technology.
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