Useful Business Analytics from MSPs to Customers | DCR Workforce Blog

Useful Business Analytics from MSPs to Customers

Many a business school campus has the distinction drawn between those who can do math and those who cannot! While the former go on to specialize in quant-based topics like finance, the latter are expected to move into HR. So, the obvious inference is undisputable – HR is averse to metrics and numbers and all attempts to quantify the aspects of their work with people. Wrong! HR today is all about strategy and value provided to business and impacting the bottom line with visionary planning of workforce utilization and management. This is exactly why a whole lot of business analytics and intelligence are built in to today’s MSP solutions to provide structured business intelligence far transcending the earlier practice of tracking immediate benefits like cost savings and control on rogue spend etc.

Today, MSPs deliver spend management information on contingent workforce programs as well as SOW, and other programs involving non-traditional staffing modes with analyses of the organizational transactions, providing insight into aspects which transcend fill rates and spend-to-budget ratios to encompass industry best practices with benchmarking. While analyzing program performance, bill rate management and workforce planning, the solution isolates and shares the trends in the data, improving the insight into the interventions that may be required.

The reports are presented in standard formats which track all the key metrics and ratios which are usually tracked by the industry with customizable interfaces across a cross-section of enormous amounts of transactional data warehoused by the VMS with an option of instant access thrown in!

  • The standard reports can be programmed and scheduled to be delivered to the key stakeholders at periodic intervals, in the form of dashboards, scorecards, providing the capability to formulate strategies and plan for improvement on a cumulative basis.
  • Ad hoc, on-demand reports can be generated by users or customized to the client-defined data, requirements and specifications.
  • Data can be sorted, filtered and grouped by business unit, cost center, currency, site, job, title, diversity, affirmative action, supplier or location with easy to use features like conditional formatting, drag and drop, graphs requiring minimal or no training.
  • Provide GRC (Governance, Risk and Compliance) support on keeping regular track of and corrections to mitigate the various financial and regulatory risks.
  • Identify practices which are not compliant to processes and help to control them while enhancing internal processes by incorporating best practices from the industry into them.
  • Actual spend by month, quarter and year based on invoicing and bill rate trends
  • Use of Time Sheet, Expense Sheet, Worker and Invoice data to derive real time and scheduled reports.
  • Reports in graphic format, support visualization and help to detect underlying trends and enable drilling down into data elements to evaluate and correct the reasons for the trend, if unwanted.
  • Suppliers can be evaluated against their KPIs and competitors; projects, open requisitions and workforce/skill requirements, market rate comparisons, hiring cycle time and resource availability can be reviewed at a moment’s notice.
  • Anomalies like tenure violations and compliance issues with overtime can be tracked.

These features go a long way to make many a CW manager to recognize and opt for the tremendous value offered by MSP solutions.


Disclaimer:
The content on this blog is for informational purposes only and cannot be construed as specific legal advice or as a substitute for competent legal advice. They reflect the opinions of DCR Workforce and may not reflect the opinions of any individual attorney. Do contact an attorney for advice specific to your issue or problem.
Lalita is a people/project manager with extensive experience in operations, HCM and training and development across industries like banking, education, business consulting, BPO and information technology. She believes in a dynamic approach to life and learning as change is the only constant.