Benefits To U.S. Businesses
By 2002, there were over 50 VMS solution providers. The software was now web-based, so stakeholders – customer hiring managers, VMS program office staff, and suppliers – could access the system from the internet. Typical benefits included:
- Streamlined requisition approval workflow
- Reduced time-to-fill cycle times
- 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
Read more about this topic: Vendor Management System
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