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Vendor Management System (VMS)

Definition - What does Vendor Management System (VMS) mean?

A vendor management system (VMS) is a Web-based application that allows an organization to secure and manage staffing services on a temporary, permanent or contract basis. It helps centralize the complex issues that surround the staffing.

A VMS generally involves the following:

  • Job requisition or staff ordering
  • Automatic billing
  • Business intelligence (BI) functionality
  • Management reporting
  • Workflow engines
  • Amenity tracking
  • Service catalog, including standardized positions and skills

Techopedia explains Vendor Management System (VMS)

A VMS provides seamless access to cost-effective, qualified human resources, while facilitating efficient recruitment and long term growth. A VMS manages all staffing operations and management procedures and eliminates typical issues and inefficiencies of workforce management.

In a successful VMS program, clients work with top providers to recruit quality, affordable personnel in a timely manner.

VMS benefits include the following:

  • The complete process is significantly smoother and faster.
  • Only accredited personnel are recruited.
  • All vendors may participate in the bid process, which leads to competitive bidding.
  • A buyer may create standardized job descriptions.
  • Details about job candidates are accessible from a single location, and different systems have the ability to rank each application, per buyer requirements.
  • A central, end-to-end work flow engine manages the process.
  • Questions, interview processes and rejections are noted and monitored.
  • Job rates are competitive.

Vendors benefit from the following:

  • Speedy approval for new hires
  • Highly accurate invoicing that is uniformly delivered
  • Reduced reporting errors
  • Improved access to staffing requirements
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