Do you collect a lot of data and look at a lot of dashboards, wondering what insights they provide and what decisions can be based off of all of that information? Do you understand the underlying data mining models and data requirements? Do you believe that data gives you a competitive advantage and, if so, do you have a strategy for the monetization of data assets? You’re definitely not alone! Today’s world is about data: generating it, collecting it, analyzing it and squeezing all of the dollars you can from it.
The Bureau of Labor Statistics estimates that contingent labor, including contingent workers, freelancers, 1099 consultants and statement of work (SOW) workers, will grow 20% by the year 2020. The industry asks itself: How can you engage and manage contingent labor without quantitative data analytics and business intelligence?
For several years now, strategic analytics and data mining have been recognized to be important in HR operations and as a consequence, in HR technologies because business decisions must be based on quantitative data, not qualitative or subjective feelings. Big data helps drive process efficiency, increase speed to market and provide greater visibility into workforce sourcing and management.
When using contingent workers, one of the major benefits in adopting a Vendor Management System (VMS) is clearly recognized as the automation of processes it brings as well as the reporting and analytics driven off the processes to help guide your business intelligence and data mining efforts.
So what does DCR’s Smart Track offer its customers by way of reports that are embedded into the program and ready to use?
With Smart Track, you have dozens of analytics reports and hundreds of canned reports plus Ad-Hoc Reporting, an OLAP (Online Analytical Processing) tool which helps you easily drill down into the data of your choosing, at will.
There are so many ways to slice and dice the data to gain deep insight into your contingent workforce program. Here are a few ways some of our current customers use it:
The benefits of using a blended workforce, consisting of temporary employees, independent contractors and consultants alongside your permanent employees can be realized only when your contingent worker management program is carefully planned and all its elements are effectively executed.
Advantages from a blended workforce include:
Staffing firms offer themselves as employers of record for these workers and provide end-to-end support through worker administration, economic management and redeployment of workers, while the staffing client manages the work effort and outcome. The Service Level Agreements between a staffing firm and its client assign most of the responsibility for the effective management of the contingent worker program to the staffing firm.
A new client who has never used Smart Track or another VMS may not even know how many contingent workers they have. But post-implementation, Smart Track data can give you real time insight into:
In the recruitment process you can see:
The relationship between staffing clients and staffing suppliers in a contract labor management program is generally clearly defined in a Master Service Agreement. This agreement specifies their roles clearly, sets out terms and conditions, concerning length, termination, insurance, indemnification, privacy, intellectual property, legal, compliance and other standards and parameters.
For a contingent workforce manager, the need to evaluate the performance of a supplier precedes most other considerations, as a successful and effective relationship with a supplier is imperative to the program and its goals. But the supplier scorecard which almost every VMS automatically generates may or may not have a robust evaluation process that allocates the ideal weightage to each of the parameters on which a supplier is valued. Smart Track provides a configurable and easy to use scorecard tool that provides deep analytical insight into suppliers’ performance. Here are some of categories suppliers are scored:
Need more detail? Smart Track also has business intelligence and analytics with custom reporting capabilities that take only a few clicks to develop. Stay tuned for more details.
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