As organizations increasingly make use of temporary workers and independent contractors to access hot skills and achieve workforce targets, the need to implement a technology solution that underpins the management of contingent workers and the staffing agencies that companies use to source them becomes greater.
When making the transition from spreadsheets and other manual systems of managing your contingent workforce to a vendor management system (VMS), your organization is likely to have the same two questions it has when investing in any software solution.
- How much does it cost?
- What is the return on investment (ROI)?
Conexis VMS will look to answer your questions in this blog. Before we get into how much a VMS costs, let’s first take a look at the ROI your business will realize from the use of a vendor management system.
What is the ROI of a vendor management system?
The use of VMS technology supports your organization’s contingent workforce management program by giving you complete visibility of your workforce and vendor performance, as well as automating all of the processes associated with your program.
Increased visibility, consolidation of vendors and the ability to monitor and track program performance result in four key areas of ROI for your business when using a VMS:
Cost: A vendor management system enables your business to achieve significant hard and soft savings from areas such as reducing rogue spend, eliminating program errors, saving company time, process efficiencies and rate card management.
Quality: Improve the quality of your workforce program, the vendors you use and the workers you hire by gaining clear insights into key performance indicators - such as reducing time-to-fill, reducing turnover and reducing time-to-submit - and using that data to make strategic decisions that improve the quality of your non-employee workforce.
Process efficiencies: Save your company time, improve operational efficiencies and realize new soft savings by using a vendor management system to centralize and automate your contingent workforce program.
Reduced risk: Save millions of dollars in expensive lawsuits by using a VMS to properly document your non-employee workforce, ensuring your business correctly classifies its temps and independent contractors and has visibility to workers where co-emploment risk may be an issue.
What is the cost of a vendor management system?
The costs of a vendor management system can vary depending upon the features and requirements of your business. However, saying that, VMS solutions were previously only developed for large enterprises
Thankfully, that has changed over the past year or two. Businesses with smaller contingent workforce budgets now have a number of growing VMS options that will allow them to better manage their contingent workers and staffing vendors, no matter how much their non-employee spend is.
A vendor management system for organizations with smaller contingent workforce budgets could range anywhere from a $200 to $5,000 monthly licence, depending on the specific functionalities you are looking for in a VMS.
Conexis VMS has developed the first VMS for companies with smaller contingent workforce budgets
Conexis VMS is the very first vendor management system designed to automate and consolidate the entire non-employee workforce and staffing agency management process, with no minimum spend requirements.
No matter the size of your temporary workforce, Conexis VMS will help you manage it. We have specifically designed this software to be an option for companies that don’t have an option.
Conexis VMS is a simple, easy-to-use and cost-effective solution that has been developed without the complicated bells and whistles of more expensive VMS solutions that only organizations with huge contingent workforce spend would ever.
Not only that, but Conexis VMS can be integrated into your processes in just 48 hours.
With Conexis VMS, we have created a VMS solution for everyone - not just the enterprise companies with large temporary workforce spend.
Want to learn more? You can view the price of our software on the Conexis website or, alternatively, book a demo with our team of experts today and find out how the Conexis VMS platform can solve your vendor management challenges.