Building a Business Case for a Vendor Management System: Managing Your Contingent Workforce and Complex Services Spend Programs
Vendor Management System (VMS) technology automates and streamlined the manual processes associated in acquiring and managing contingent labor, and increasingly can handle other complex services categories. In a 2008 Contract Labor Management study conducted by Aberdeen Group, reports that, “With technology usage, organizations can gain a plethora of benefits while sourcing the right prospects for temporary projects.” The same research demonstrates that those organizations that use contract talent management services and technologies are more likely to be “best-in-class” in terms of how they manage their workers. As such it is not surprising that Staffing Industry Analysts predicts the use of VMS will grow dramatically in the next couple of years. According to SIA’s 2009 Annual Buyers’ Survey, VMS usage will grow to 81% in 2011, up from 34% in 2007.
In most organizations whenever a project requires funding, it is likely a formal business case will be needed. There are several key considerations for developing a VMS business case. Citing recent industry research, practitioner lessons learned and best practice standards, this paper outlines four general categories, and supporting data, you should consider building into your own business case, including:
- Define the Objective & Value
- Analyze Costs, Benefits and Return on Investment
- Establish Criteria for Technology and Program Structure Requirements
- Secure Executive Sponsorship & Manage Change
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Fieldglass, Inc. provides the leading unified technology platform for acquiring all human capital, including contingent workers, services and direct hires. The award-winning, on-demand InSite® product suite helps companies determine the right worker composition across all labor types and tap into known talent resources, such as alumni, retirees and interns. Using InSite, global companies can reduce hiring cycles, enforce compliance and control spend to remain competitive.