What is a Vendor Management System?
A Vendor Management System (VMS) is a software application, typically cloud-based, that helps to facilitate the process of contingent worker procurement and contingent workforce management. A VMS will automate and streamline the sourcing, engaging, managing and payrolling of contingent workers sourced through an organization directly or by their Managed Services Provider (MSP) like a staffing agency.
With today’s global talent pool, organizations have access to knowledge workers around the world who are digitally based and remote ready to complete projects or fill roles, and organizations that tap into the contingent talent pool gain the flexibility necessary to scale resources in an uncertain work world.
For many organizations, one of the answers to navigating the many complexities of contingent workforce management is a Vendor Management System.