Support - Vendor Management
VMS is a tool, specifically a software program that distributes job requirements to staffing
companies; recruiters, consulting companies, and other vendors. It facilitates the interview
and hire process, as well as labor time collection approval and payment.
Functions of Vendor Management and how it contributes to the ITaaS model:
- Streamlined requisition approval workflow.
- Reduced time-to-fill cycle times.
- Simplified vendor management.
- Bill rate standardization / management.
- Optimization of supplier base.
- Consolidated invoicing.
- Improved security and asset management.
- Availability of vendor performance metrics.
- Visibility and cost control over maverick spend.
- 10-20% reduction in contingent labor spend.