Evaluating software for efficiency and effectiveness is crucial to optimizing your business’ processes. If you’re looking to take your organization to the next level, measuring the results of your Vendor Management System (VMS) is just as important. So, what should you look for when evaluating your VMS? Consider these key components.
Program Deliverables
Your VMS should be able to deliver measurable outcomes, prioritized according to your business needs, such as:
- Performance reports and dashboards
- Compliance audit results
- Cost savings and ROI analysis
- Strategic vendor development plans
Efficiencies
Answer what is optimized and streamlined by using this VMS, which may include:
- Relationship management
- Communication
- Job order fills
- Ongoing improvements
Compliance
How well does the VMS enforce compliance and manage risk, in these areas:
- Onboarding
- Contracts and renewals
- Cost containment
- Risk management
Scorecards
Key metrics vary for every organization. What key performance indicators (KPI s) does your business prioritize, and what are the criteria for success? How well a VMS achieves those priorities determines the return-on-investment (ROI) of using the system. A balanced scorecard helps determine ROI.
Investing time to research a VMS solution that meets your needs can support your business’ operational effectiveness and efficiency. Consider program deliverables, efficiency, and compliance to choose the right solution.
Express Is a Top VMS Supplier
Express Employment Professionals is a VMS MSP vendor of choice. With more than 25 years of experience as a VMS supplier and over 40 years of expertise in staffing, Express is a compliant partner with top talent to meet your staffing needs.
When you partner with Express, you can expect strong local relationships, adherence to VMS and MSP programs, and more. Contact the office nearest you or visit ExpressPros.com to learn more about partnership opportunities.
