[News] The Contingent Labor Questions That a VMS Can Address

In a recent Forbes article, our EVP of Product Development, Ted Sergott, discusses contingent labor concerns organizations can address by leveraging a Vendor Management System (VMS) such as RightSourcing’s Wand.

As mentioned in the article, more than 2.5 quintillion bytes of data are produced daily. In 2017, some predicted that more data would be created than in the previous 5,000 years. This data offers possibilities, but also has the potential to overwhelm executives. Seventy-five percent of business executives identify talent analytics as an important issue, but only 8% believe their organizations are strong in this area.

This data influx is reflected in the contingent workforce management arena, where managers, gig workers, suppliers and Managed Service Providers (MSPs) combine to create millions of data points. It begs the question: If workforce data contains the answers to critical questions, how can healthcare organizations unlock them?

One answer could be a top-tier VMS to manage all aspects of the contingent labor program. A VMS enables a transition from program-wide data to line item-level information. When combined with an MSP, it empowers stakeholders to understand what’s happening, identify key trends/drivers and take action.

Here are the seven questions stakeholders can ask of a VMS to better understand
their healthcare organization’s contingent workforce ecosystem and fuel actionable decisions:

1. Where are my workers located?
2. Are we paying competitive, market rates?
3. Are there opportunities to reduce overtime?
4. What parts of the requisition process can we tweak to speed time-to-ll?
5. Why do we have turnover?
6. Do I need to pay top dollar for a statement of work (SOW) worker to get toplevel
7. What sourcing method results in the best talent quality at the best cost?

Read the full article here.

For more information on how your healthcare system would benefit from RightSourcing’s expertise, request a free workforce analysis or contact us at 800-660-9544.