How mid-sized companies can benefit from a MSP/VMS engagement
Back to TopIn nearly every facet of business life, technology brings improvements which enhance productivity, reduce risk and strengthen revenue stream. This has been true of talent acquisition for many years - most notably, the internet makes it easier than ever for businesses to find and connect with qualified individuals. Larger corporations that utilize multiple vendors take this a step further, using vendor management systems (VMS) that are operated by high performing MSPs to keep costs down, reduce organizational risk and procure talent.
"Companies are amazed by the level of efficiency, transparency and overall value a dedicated MSP can bring to their organization," says John Williams, Executive Director of OneBeacon. "An MSP with technology can be the critical decision that a company makes to allow them to refocus on their internal priorities, core competencies and other areas of opportunity while we bring best practices and client specific customization to build a successful long-lasting program and relationship."
Utilizing a VMS isn't something that's reserved for mammoth corporations. Mid-sized companies can also take advantage of this technology to improve their operations. When coupled with a managed service provider (MSP), this solution gives medium-sized organizations the ability to focus on their core competencies and growing their business while increasing the transparency of their budgets.
Here are several of the most significant benefits mid-sized companies can see from implementing a MSP/VMS:
"Managing vendor relations helps mid-size companies save money."
Increase efficiency and productivity
With a MSP/VMS, all of your vendors can be managed from a single, web-based source. By centralizing your data, there's no more need to use disparate spreadsheets, budgeting software and the rest of the loose tangle of programs that make for an opaque view of the company's finances. A VMS allows you to view and report on all the bills and orders pertaining to your contingent workforce. This means your workflow will be much more efficient and you'll have more time to focus on increasing productivity. This is key for mid-sized companies without an entire department to devote to these tasks. With a VMS in place, managers can refocus their daily efforts to growing the company. Partnering with an MSP assists in managing and maintaining strong relationships throughout the supplier community.
Reduce risk
A key advantage of a MSP/VMS is increased transparency between your organization and the vendors and other external resources you employ. From a secure web portal, you can track and approve timesheets and effortlessly manage exits and entries of contingent workers. Without a comprehensive program in place, your organization runs the risk of overspending or wasting resources, or worse, doing so without even knowing it.
When you get a handle on your bills and vendor relationships, your company's revenue becomes more protected. Lowered risk and increased control mean you can use your budgets in smarter ways, ultimately growing your business. Mammoth global corporations may not think twice about spending tens of thousands of dollars on vendor relations, but mid-sized companies need to keep a closer eye on their finances so that money can be invested in smarter ways.
"An MSP can do the heavy lifting for you."
Manage talent
VMS technology can drastically improve your business, yet its true potential cannot be reached without the help of an MSP. Even mid-sized companies may find it difficult to manage the vendors, contractors, freelancers and other contingent workers they employ every day. An MSP can help your company attract talent in a shrinking market and streamline the onboarding and offboarding process. You'll have access to a team of experts who work with talent to retain them for the long term.
In essence, VMS technology and an MSP can take a heavy burden off your company. You don't need to be a giant corporation to notice the benefits of these services. With an MSP partner, you'll gain peace of mind because you know you have experts working to find and attract skilled professionals. And a VMS will ensure that your company becomes more efficient.
