Something new is happening when the leading independent technology provider of Vendor Management System (VMS) software for Global 2000 companies (IQNavigator) announces a partnership with the leading provider of contingent workforce solutions for on-premise technology services (iTeam).
With the non-employee workforce growing and here to stay, forward-thinking enterprises are already deploying vendor management systems to gain visibility and control over their temp labor spends. By some estimates, statement-of-work (SOW) based project spending on contingent labor eclipses explicit spending on temp labor by ten to twenty times. But less than 30% of large enterprises have the ability to track and manage this spend on an aggregate basis.
Historically, VMS’s have focused on the ins and outs of temp labor management: sourcing, onboarding, offboarding, credentialing, payment, supplier management, performance monitoring, etc. With the growing interest and need to get better control over SOW spends, VMS’s like IQNavigator (IQN) have been extended to support achieving key milestones and delivery dates while staying on budget. While attending the recent IQNsiders conference, I witnessed IQN’s product roadmap “reveal”, including new features that leverage their extensive analytics database, and that promise to transform the way enterprises request and manage their contingent labor in the future.
Labor management alone is only part of the formula to achieve a business objective using contingent labor. Management of work execution is imperative to ensure that the contingent labor delivers the desired result within the time frame, quality, and budget of the overall project they are assigned to. And that is where iTeam comes in. iTeam builds on the benefits of the VMS by assuming ownership of the work outcome on behalf of the enterprise, providing a risk-mitigated alternative to self-management at a lower cost and with a guaranteed result. iTeam provides:
Predefined, tailored, fixed-price service portfolios
Talent pool creation and management
Execution ownership by iTeam
Availability throughout North America
Applying new approaches to get better control and better results from the contingent laborers’ work product goes beyond baseline savings in temp worker lifecycle management. By applying the science of work delivery, outcomes are impacted and ROI’s are improved. An effective VMS deployment will yield 5%-20% overall program savings due to more streamlined sourcing, cost controls, and efficiencies. Savings that are a percent of spend are great, but ROI’s are measured in multiples of spend. iTeam and IQN are partnering to help enterprises build on transaction savings with ROI results.