Prosperix VMS Network
The Benefits of a Vendor Management System Network
Traditional vendor management systems(VMS) can help manage contingent workforce programs. A networked VMS goes further, strengthening stakeholder relationships, delivering richer insights, and giving businesses an exponential ability to hire.
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What is a VMS?
A vendor management system (VMS) is a cloud-based or web-based software platform that helps companies manage their contingent workforces. Whether managed by internal teams or a managed services provider (MSP), a VMS helps standardize and automate all contingent workforce management processes, from creating job requisitions to candidate sourcing, onboarding, contracting, invoicing, payment, and offboarding.
VMS vs. VMS Network
Unlike a traditional standalone VMS that can be isolated in its function, a VMS network brings businesses, talent suppliers, and job candidates together in an ecosystem. A VMS network facilitates the end-to-end management of a company’s external workforce while establishing a network of connected companies, suppliers, and candidates. Prosperix is the only solution provider in the industry that offers a VMS network.
We combine crowdsourcing, connected talent pools, artificial intelligence, personal curation, and end-to-end hiring technology in a single, cloud-based, fully-integrated SaaS solution.
What constitutes a VMS Network?
A networked VMS like Prosperix’s patent-pending VMS Network goes beyond the traditional platform, providing your business with additional capabilities.
- Fully-integrated hiring marketplace
With a built-in, fully-integrated hiring marketplace that hosts a network of thousands of suppliers instead of only a few, you can access independent recruiters, boutique, national, and regional firms, and all of the talent pools they represent. By spanning cultures, geographies, business sectors, and ideologies, you can amplify your reach, securing more highly-skilled talent at more competitive costs.
- Automated supplier management
Built with innovative technology that uses powerful artificial intelligence and machine learning algorithms, our VMS network automatically matches job requisitions with the best suppliers that represent the most qualified candidates. This automated feature eliminates the need for manual job distribution and significantly improves hiring time.
- Real time reporting and analytics
The network powers contingent workforce programs with dynamic data surrounding program health, supplier performance, and candidate quality. Data is provided in real-time, so you aren’t stuck waiting for weekly, monthly, or quarterly reports to analyze and evaluate KPIs.
- Fast and flexible hiring workflows
Customizable workflows are a part of every step, meaning you can create processes specific to the needs of your internal teams. And with our expert MSP services, we can bolster, or take over for, your program management team.
- Immediate set-up and go-live
Our VMS network is an easy-to-install and -configure solution you can begin using immediately. By adding incumbent and new suppliers quickly, you can start reaping the benefits right away.n
Benefits of using our VMS network:
Faster Hiring
Because our VMS network has a built-in hiring marketplace, our clients gain instant access to diverse talent pools filled with a wide range of skill sets. The immediate availability and accessibility of talent improves hiring speed and quality of submitted candidates.
Precise Connections
Unlike a traditional VMS that operates with data silos, our VMS network provides a seamless experience that closes the divide between stakeholders. By strengthening communication links between businesses, suppliers, and candidates, our VMS network improves visibility and simplifies processes, leading to better hiring outcomes.
Richer Insights
The advanced technological capabilities of our VMS network enable analyzing data in real-time, allowing companies to strategically navigate through every hiring situation, make dynamic decisions, and be more agile.
Lower Costs
Access to an exponential network of suppliers and their curated talent pools allows suppliers to submit candidates at competitive rates. Over time, this competition drives costs down significantly.
Why should I make the switch to a VMS Network?
Your VMS provider can make or break your contingent workforce program. Whether your business currently has a technology solution provider or is searching for a new partner, ask yourselves these questions:
- Is our current approach to contingent workforce management contributing to rogue spend?
- Does our current contingent management process ensure complete program visibility?
- How are our incumbent suppliers ensuring the highest level of candidate quality?
- Can our current supplier list support our exponential need to scale?
- Does our current technological solution create a positive user experience?
- Are we able to fill niche/critical job roles quickly?
- Do our solution partners offer expert advice and support in helping our contingent workforce programs become best-in-class?
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