Level Up: Advanced VMS Users Require Greater Analytics and More Robust System Requirements | DCR Workforce Blog

Level Up: Advanced VMS Users Require Greater Analytics and More Robust System Requirements

With the explosive growth of contingent workers expected to reach nearly 50% of the workforce by 2020, many companies have come to the realization that they need a Vendor Management System (VMS) to handle, manage and track the influx of non-employees.

As more and more companies engage in Statement of Work (SOW) projects, a standard, run-of-the-mill VMS just can’t cut it. Advanced VMS users require a more robust system requirements including:

  • Predictive and prescriptive analytics to make strategic decisions easier
  • Up-to-date rules and regulations to make compliance effortless
  • Technology that makes configuration and integration a breeze

To get all of this in a VMS, you may need to level up.

Powerful perks

Sure a VMS can help to manage workers, track and analyze results, process timecard submissions and mitigate employment risks. It can do so much more. But if your VMS technology is stagnant, it could be doing you more harm than good.

An advanced VMS must contain powerful perks such as an easy-to-use interface, prescriptive action steps, full front-end configurability, complex SOW capabilities, mobile capabilities, advanced reporting and analytics and consultative business intelligence.

UE/UI –

Let’s face it, if the user experience and interface isn’t user-friendly, no one is going to want to use it. Advanced users have an even greater need for a smooth interface, as they will heavily rely on their VMS to make decisions. Smart Track takes on many of the features of known social sites so processes and formats are familiar, intuitive and sleek. It has the slickest interface in the industry with many front-facing graphics so users can easily grasp the data.

Predictive/prescriptive analytics

Machine learning is one of the hottest topics in contingent workforce management. It’s one thing to have a VMS, look at your results and make your own decisions based on the data you see. It’s quite another to utilize the functionality of Smart Track’s Match Index Intelligence. This is a proprietary feature within Smart Track that takes data-driven metrics and provides the best candidate match, eliminating human bias.

Smart Track is taught to think like a human without the added caveats that impact actual human thinking. We use machine learning algorithms and data science to provide a tool that our clients can use to make candidate decisions that are both objective and based on client-specific experience.

Additionally, the system will recognize the user’s preferences. The more data provided, the better it will learn. It will analyze current market data and your own data to provide you with the best candidate. This is something no ordinary VMS can even come close to competing with.

Configurability control

With a standard VMS, you often get a standard installation. You get what you get. But if you want your timesheets a certain way, well you don’t get to change it. With an advanced VMS like Smart Track, you can configure it on the front end so your system looks and acts how YOU want it to. This is a huge improvement over many systems. The front end configurability is an amazing benefit, but the fact that users can configure the system is next-level brilliance.

SOW capabilities

Statement of Work projects by their very nature are complex, fluid, changing and – let’s be real – often almost mythical due to scope creep, changing priorities and lack of proper supervision. If you have SOW projects an advanced VMS should be able to:

  • Assist in the RFQ/RFP process, negotiation and then segue into a contract
  • Offer visibility as to if a worker is associated with a certain project and track them accordingly against deadlines and/or milestones
  • Help decide whether a worker should be hired on a project basis or paid as a consultant for a finished product with proper classification and workplace relationship
  • Manage sub-projects, performance standards and metrics as well as deliverables for each stage of the project, setting responsibility and risk in case of failure to deliver per schedule
  • Track both offshore and onshore projects, with different rates, engagement structures and compliance requirements, time-and-materials, fixed-price and/or fixed-deliverables arrangements
  • Authorize payments as and when milestones are met and deliverables approved
  • Track non-billable/billable resources and hours
  • Generate reports on the performance criteria with special attention to the bill rate, number/quality of resumes and time taken to complete the project
  • Manage more than one SOW project simultaneously, charging payments to the right project and the right cost codes

Smart Track’s SOW capabilities were not an after-thought. They were built specifically to handle the complexities inherent with Statement of Work projects, so we have all of the bases covered, and possibly some that you may not have thought of!­

Our SOW capabilities were created from the ground up to perform next level complex tasks as well as alert you as to when items are overdue. The SOW functionality within Smart Track can handle any type of project you can dream of.

Magical mobile

When you think of an app, you probably think of a limited version of a full-functioning software. Perhaps that’s true with some software, but not with Smart Track. We know that all of our users, and especially our advanced users, need to have a VMS that’s fully functional, that works across every device. So we built Smart Track mobile app with full feature-rich functionality. Everything you can do on the desktop version is baked in to the app.

Reporting and analytics

While a VMS can give you reports on tasks such as where a contingent worker is at in the onboarding process and other relatively easy-to-find data, a robust VMS such as Smart Track is able to provide you with forecasting abilities and trends, insights into relevant market data in real-time and sophisticated reporting capabilities such a segmented spend, cycle time, diversity spend and other metrics.

For example, you may be hiring someone from the San Francisco Bay Area and you need to know what the true market price is immediately for that specific area. Or perhaps you have offshore workers in Europe, the Philippines or India – what are the going rates? Does your system work with multiple currencies? Time zones? And can it track one worker tied to several cost codes and properly pay without double-dipping?

Additionally, Smart Track offers Canned Reports at your fingertips. Currently, we have approximately 300 standard reports our clients are able to pull from so you can instantaneously extract data in real time and use it for actionable insights and strategic planning.

The government has strict rules regarding compliance. And one of the lesser-known facts is that companies could be out of compliance just for the simple fact that they do not have the data necessary for compliance right at their fingertips! It’s not a nicety to have a system that’s fully up to date with all the latest regulations, it can be imperative to your livelihood.

Business intelligence

Who do you turn to when the standard reports aren’t enough? DCR offers a consultative approach to business intelligence.  We work with you to ensure that you’re not just getting a bunch of data, but that you’re actually using it to make strategic business decisions. Sometimes an outside resource has better clarity. Our Business Analysts often see things you hadn’t thought of and can identify trends based on location, onshore team/offshore team, risk analysis on active requisitions and other metrics.

What sets DCR apart as the best VMS provider is not just Smart Track, but it’s the value of our insight. We offer clients new ideas to show them other ways to save money that they may not even have known were possible. We do this by teaching them a new way of looking at things or different way of thinking altogether to not just drive action, but results.

Because the bar is always edging higher, your VMS should also be constantly evolving. At DCR, we call it “innovation as usual” because our team is continually making improvements, even if they’re behind-the-scenes and may be undetectable, to improve Smart Track for our clients.

Listen to us talk about the next-level features advanced users need here:

The market is changing rapidly and shifting toward more non-employees, so you need a system that grows with your changing needs. Smart Track has all those advanced capabilities and more. .

If you’re ready to level up to an advanced VMS, call 1-888-DCR-4VMS to schedule a demo.


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.
Nick Myers is an implementation lead for DCR Workforce. He has implemented numerous programs globally and across multiple industries.