Vendor management system (VMS) provides insight into the contingent workforce management and enables organizations to take appropriate measures to reduce costs, improve supplier performance, and identify risk areas through a structured process of supply chain. VMS provides the transparency that the organization management needs to ensure that its business engages eligible talent and required qualifications. A VMS solution manages end-to-end activities for contingent workforce management, including hiring processes, onboarding and offboarding processes, workflow and requisition management, candidate management, contract management, payroll, billing & invoice, performance tracking, spend tracking, and compliance management. Technological advancements remove bias from the selection process and train newer technologies like chatbots to become more effective in responding to applicant queries. Using AI in VMS enhances process automation and helps reduce the complexity of managing a large number of individual vendors.
Quadrant Knowledge Solutions’ vendor management system market research includes detailed global market analysis. It mainly comprises short-term and long-term growth opportunities, emerging technology trends, market trends, and future market outlook. The study provides a comprehensive market forecast analysis of the global market and the overall market adoption rate. It aims to provide strategic information for technology vendors to enhance their understanding of the market and support their growth strategies by evaluating different vendors’ capabilities, competitive differentiation, and market position.
The research includes detailed competitive analysis and vendor evaluation with the proprietary SPARK Matrix analysis. The SPARK Matrix includes the ranking and positioning of the leading Vendor Management System (VMS) vendors with a global impact, including Beeline, B4 Health, Connecting Expertise, CrewFoundry, DirectSkills, Eqip, Medifis, Nétive, Pixid, PRO Unlimited, Ramco, SAP Fieldglass, Shortlist, ShiftWise, Simplify VMS, 3 Story Software, and VNDLY.
According to Amandeep Singh, Analyst at Quadrant Knowledge Solutions, “The Vendor Management System vendors continue to strengthen their capabilities and leverage their emerging technology trends by including observability with cross-team collaboration, AI assistance and machine learning, process automation, and intelligent analytics with actionable insights. VMS vendors are also making significant investments in hyperautomation that brings together several components of process automation such as candidate management, compliance management, contract management, and other integrating tools that together amplify the ability to automate work. Hyperautomation begins with RPA as its foundation and then expands its automation capability with artificial intelligence, process mining, analytics, and other advanced tools. Additionally, vendors are continuously investing in next-generation technologies to make VMS a complete integrated platform to manage all the futuristic needs of various businesses, including analysis of workforce visibility, managing vendors, and hiring workforce.”
2021 Vendor Management System (VMS) SPARK Matrix
Source: Quadrant Knowledge Solutions
Table of Contents
- Key Research Findings
Market Overview and Technology Trends
Factors Influencing Technology Development and Market Growth
Market Adoption Trends
Competition Landscape and Analysis
- Competitive Overview and Analysis
- Key Competitive Factors and Technology Differentiators
SPARK Matrix™: Vendor Management System (VMS) Market
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