Innovations in Vendor Management Systems: Part 1

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Sourcing Industry Group’s (SIG) President and CEO Dawn Tiura says, “Sourcing professionals are finding themselves in the midst of a technology firestorm. Almost every function in a typical business process is being automated and apps are being developed to improve virtually everything we do. Sourcing organizations’ clients want new and exciting technology to help make their lives better too, but by the time sourcing has done their due diligence and is ready to buy, newer, faster and more attractive solutions appear.”

Dawn continues, “What happens when a proven system meets new technology? Innovation. In the area of services procurement, one such example is the Vendor Management System (VMS), which makes the acquisition of non-employee talent and professional services manageable. Recently, many SIG members have asked for help to make sense of this category. SIG responded with a new and unique report: Innovations in VMS Technology.”

In that report, SIG’s analysts evaluate PRO Unlimited’s VMS, Wand. They take a deep dive into how PRO has integrated mobile technology and Artificial Intelligence into mature systems to make them more powerful. SIG’s research also shows how providers like PRO are using a massive amount of data to drive actionable initiatives through analytics. Ultimately, the study shows how PRO has been innovating its VMS and how we are enabling our clients to meet their goals with proven technology.

Here is what SIG’s analysts say about PRO’s VMS. This is only Part 1, so stay tuned for more over the next two weeks!

The Benefits of PRO’s Vendor Management System, Wand

Predictive Analytics, Machine Learning and Artificial Intelligence

  • PRO has a unique business intelligence platform that is designed for executives, client sponsors, or their delegates to manage their program on any KPI or Metric desired. Customized dashboards contain all global data. Within 3 clicks, the user can drill down to the transaction level.
  • Machine learning in PRO’s system, tracks and measures all past rate behavior and provides predictive analytics on the future of the market. Their clients also import FTE data into their tool, so managers can make Global Workforce decisions. There is no end to where this innovation can take the industry. As the data volume increases and the fields of data capture increases, workforce planning that was limited to only the most sophisticated HRIS tools will now become standard capabilities of a contingent workforce manager.

Mobile Device Platforms and Apps that Drive Them

  • Like any technology, the easier it is to access and operate, the more it will be used. PRO has invested heavily in Mobile platforms so their systems can be used on-the-go and without the need to be at a workstation.
  • PRO had their 100% native Mobile app deployed in April, 2014 and has received the highest rated app in the industry winning 4 awards including the Gartner Cool Vendor award.

Open APIs and Communications between other Client or Supplier Systems

  • In order for a VMS like PRO to be accepted as the “System of Record” for all transactions, it must be capable of communicating directly to the enterprise systems. Manual entry or the simple flat file uploads are just not fast or accurate enough to pass the test for most large enterprises. Externally, data from a variety of sources are important to draw a complete picture of the workforce landscape. Both the internal and external system integration demands are driving great innovation in the space.
  • PRO’s system was architected and engineered to feature an open architecture that offers data integrations with any commercial or proprietary platform like Workday, SAP, Oracle, Peoplesoft and Clarity.

Total Talent Management features including Preferred Talent Pools, FMS, SOW and FTE options

One of the most significant evolutions to influence the VMS is the convergence of Total Talent Management. First discussed in the early 2000’s this has become a transformation point where HR (Talent Acquisition) and Procurement (strategic services sourcing) have begun to collaborate. The innovative VMS providers are leading this charge where most HRIS have fallen short.  This requires an enterprise paradigm shift where the organization sees the selection of the right talent for the job first and the way that talent is sourced, paid or managed becomes a secondary consideration.

  • PRO found that many clients like to leverage their brand by allowing workers to apply for contingent jobs through their public internet websites. In their VMS, workers can search for all open jobs but in order to submit they need to join their Talent Network.
  • PRO can handle Project Requests including: time & materials, milestone based, and duration based. Clients can assign specific resources or create RFIs or RFP, and compare the proposals side-by-side.

If you or a member of your team would benefit from further discussion or a demo of PRO’s VMS Wand, please contact a PRO representative at 800.291.1099 or email at info@prounlimited.com.

 

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of PRO Unlimited and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.

 

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  Industry InsightsVendor Management Systems
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