A Vendor Management System (VMS) offers an end-to-end automated package solution to perform tracking, approval process, job requisition distribution/fulfillment, time management, consolidated invoice, and reporting functions for your contingent staff. The selection of the right Vendor Management Solution is a critical one for your organization to make.
Unlike others who are tied to proprietary systems, MATRIX maintains “open” alliance with numerous VMS vendors, not just one. We base our recommendations on which tool best fits your interests, not ours. In addition, MATRIX combines highly evolved staffing processes with the superior technical features and functionality of a VMS technology platform—to deliver an all-inclusive and fully customized Managed Services package.
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- Pricing structures
- References from other customers
- Number of successful installations
- Financial strength of the VMS supplier
- Sound approach to insuring that critical suppliers are enthusiastic participants
- Staffing Subject Matter Expertise, especially in areas of highest possible cost savings, including engineering/IT
- Ability to interface and integrate with existing back office systems (e.g. Oracle, SAP on financial side; and other project management tools that may track hours that consultants work on projects)
- Ability to support implementation and configuration
- Ease of navigation so that users can be easily trained
- Data security; server redundancy
- Scalability from a few to thousands of vendors, consultants, users
- Plans and visions of bundling their VMS applications with other purchasing and HR applications ( HR-XML compliant)
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MATRIX Open VMS is a flexible solution that automates interactions between you and your vendors in the permanent, contract, and temporary staffing marketplace. The system creates a centralized, Web-based community that allows a client to instantaneously communicate detailed resource requirements to multiple tiers of vendors, enabling vendors to respond in a timely, standardized format. Specific inquiries and/or engagement clarifications between you and your vendors are also easily communicated for all participants to view and respond to accordingly.
The solution provides numerous configurable elements to allow you to tailor the workflows in the application to fit your processes. The result is a service that is aligned with business practices and delivers maximum value with minimal training.
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Client/Company Advantages
Features | Benefits |
| Pre-constructed, uniform job requisition templates | Fast and easy way to create job requisitions that include detailed job descriptions. |
| Configured approval process that tracks all approvals and rejections | Only approved contract workers are hired |
| Rate card can be tied to requisition | Ensures clients are getting best rate based on rate surveys and not on hiring manager’s negotiating skills |
| Requirements are immediately distributed to all approved vendors | Contractually approved vendors will begin recruiting efforts immediately |
| All submitted candidates are ranked and viewable in one place | Ease of candidate comparison, reduction of e-mail volume, and no lost resumes |
| Vendors engage in competitive bidding | Rates are reduced as vendors reposition candidate’s rate(s) |
| Questions, rejections and interviews are coordinated and tracked | Quality of vendor submittals will be tracked for vendor performance evaluations |
| Standardization and tracking of logistics includes log-on ID’s, building passes and equipment. | Tracking and notification creates a more secure network and more secure work environment |
| Consultants performance evaluations are captured | A permanent repository of consultants value is created, ensuring poor performers/vendors are not re-hired |
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Vendor Advantages
Features | Benefits |
| Immediate receipt of approved requisitions | Enthusiastic response; eliminates daily “cold calls” to obtain requisitions |
| Receipt of more detailed job descriptions | Aids in identification of truly qualified candidates |
| Receipt of all appropriate requirements | Maximizes efforts of existing sales staff |
| Ability to competitively price candidates | No wasted time spent on candidates that are too expensive |
| Immediate notification re: requirement updates and changes | Increased efficiency and better candidate feedback |
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Consultants
Features | Benefits |
| Vendors notified immediately about requirements | Reduction of resume submissions to incorrect or closed positions |
| Vendors notified about submitted candidates | Receive current information about requirements and status |
| Vendors can competitively bid | Opportunity to still be considered rather than eliminated |
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Client/Company Advantages
Features | Benefits |
| All consultants use Web-based time and expense reporting | Eliminates lost faxes or need for paper-based approvals |
| All consultants use identical time and expense format | All consultants will be on identical time reporting schedules; eliminates disparate formats |
| Time can be reported against multiple projects | More accurate data about consultant utilization |
| Can be configured for Web-based approvals | Faster approvals as manager can view all time sheets in one location. History of approvals is easily tracked. |
| Overtime rules can be configured | Weekly hours can be capped, helping control burn down rate |
| Can be configured to push or pull data from existing time capture and/or project management systems | Minimizes change management and takes advantage of additional features offer by VMS |
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Vendor Advantages
Features | Benefits |
| Consultants use MATRIX Web-based time and expense reporting system | Eliminates requirement for Vendors to develop their own Web-based time system |
| Automated time capture is more efficient and minimizes reporting errors | Improved cash flow as accurate invoices are remitted in a timely manner |
| Managed Services Provider coordinates consultant time sheets and client billing | Vendor able to reassign internal resources that were previously assigned to coordinate accounting and administrative responsibilities |
| Configurable e-mail to remind consultants of time sheet deadlines | Automated notification reduces the weekly reminder calls |
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Consultants
Features | Benefits |
| Electronic approval process | No need to track down appropriate party for handwritten approvals |
| Can be configured for proxy approval | Back-ups available for approval |
| Can be configured for proxy entry | Staffing firm or manager can enter time on consultant behalf |
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Client/Company Advantages
Features | Benefits |
| In-depth financial reporting available | Data can be configured to show spending by manager, skill set, consultant, time, project cost center, etc. |
| Statistical data to analyze vendor performance | Compare vendors on cost, response time, ratios, the strength of their contractors, etc. |
| Permanent repository of consultant performance | Intermittent and final evaluations of consultant performance will eliminate repeat engagements of poor performing consultants. |
| Better understanding of internal use and costs for contingent labor | Immediate visibility into each department’s, location’s and manager’s use of contingent labor |
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Vendor Advantages
*Vendors will not have direct access to report
Features | Benefits |
| Vendor performance statistics can be shared with vendor community | Vendors’ desire to know their level of performance typically will increase their effort and performance |
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Consultants
*Consultants will not have direct access to report
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