While the conditions outside may still represent the throes of winter, it’s never too late to look forward to the sunnier (and warmer!) days of spring. CPO Rising and Payables Place are excited to launch a series of articles that take a fun look at specific spend management functions through the prism of America’s favorite pastime. Every baseball team undergoes a month-plus of conditioning, practice, and general preparations for the upcoming season (in warm weather, of course); the question is: what would spring training look like for supply management programs?
The world of contingent workforce management (CWM) is evolving at a rapid pace: it’s no secret that the storm of “on-demand talent,” combined with the tremendous growth in this industry (30% over the next few years), has forced many an organization to reevaluate how they manage their non-employee workforce and independent / freelance talent.
If the modern-day CWM program were a baseball team heading into spring training, what focus would the “coach” drill into the minds of its players? Who (or what) would be the “can’t miss hot prospect” that may make his way onto the team when it begins the regular season? Who’s the grizzled, veteran player that brings years of experience to the game? And, when the games really start to count, who’s the anticipated Most Valuable Player (MVP) that may lead the team to a championship?
The “Can’t Miss” Prospect: Freelancer Management Systems
An evolving industry often has evolving technology to boot, and the CWM world is no different. Vendor Management System (VMS) platforms have undergone many significant changes over the years (SOW functionalities, deeper analytics, blend of talent management capabilities, etc.) as a direct result of the shifting nature of what is considered the non-employee workforce.
Freelancer Management Systems (FMS) are truly a “can’t miss” prospect; freelance and independent talent comprise a significant portion of the average contingent workforce, and the typical CWM programs often don’t have the necessary capabilities for managing their burgeoning workforce. Enter FMS, which can offer visibility into skill set-specific talent pools, holistic financial management for managing the “back-office” aspects of this workforce, and help companies find and engage the best-fit freelance talent for their complex needs. (Check out CPO Rising’s recent article on this solution.)
The Grizzled Veteran: The procurement function
Perhaps one of the most interesting aspects to today’s CWM arena is the collaborative nature of the industry. Internal teams understand that they must work together to effectively manage all components of the Contingent Workforce Management Framework. Through the “sports lens” of this article, procurement would be the grizzled veteran that has seen its share of non-employee workforce management. In fact, this group sits in the center of collaborative efforts by leveraging its supplier and spend management prowess to form an efficient union with a group like HR to maximize the “blended” nature of today’s CWM programs.
The MVP: Vendor Management System (VMS) technology
There’s a reason why VMS is often considered a “nexus” of contemporary CWM: many of today’s systems can serve as both a management and intelligence hub in regards to managing non-traditional talent. As stated earlier, VMS technology has evolved in alignment with the progression of the CWM industry itself. Aspects like analytics / reporting, SOW management, integration with human capital technology, and full-on spend management functionalities are what actively drive this technology to the forefront of the MVP race.
