What is an extended workforce technology, and how is it different from a VMS? In addition to answering those questions in this article, we’ll also demonstrate why VectorVMS is, in fact, an extended workforce technology—even with “VMS” in the name!
In June 2021, ClubVMSA premiered its EXTEND Workforce Optimization Event. The virtual conference took the place of the organization’s 2020 VMSA West event. As a sponsor, VectorVMS participated in panel discussions, networking, and a private wine tasting.
Conference themes included sourcing channels, filling talent gaps, and using technology to increase efficiency. One newer theme that emerged was the use of extended workforce technology (EWT) as an alternative to traditional vendor management systems (VMSs). Read on to discover the difference between the two technologies, and why VectorVMS may be an EWT despite its name…
The Traditional VMS
Before we define extended workforce technologies, it’s important to understand what’s now known as “legacy,” or traditional, VMS technology. A traditional VMS provides companies and managed services providers (MSPs) with a single source of record for procuring and managing the contingent workforce. Much like a human resource information system, this can include maintaining compliance items, background checks, timesheets, and more.
Most VMS platforms are online applications with highly secure cloud-based storage, allowing for integrations and automations to streamline processes. However, some organizations may take a manual approach to tracking their contingent labor via spreadsheets, emails, and scanned documents.
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Extended Workforce Technology
As previously stated, extended workforce technology (EWT) is a new term in the extended workforce space. However, “extended workforce” is not new—it is often used to describe all non-employee labor. This can include services procurement or statement of work (SOW) and direct sourcing. To be more inclusive of everything a modern VMS provides, some VMS platforms are beginning to rebrand as an EWT. In addition to SOW modules and direct sourcing integrations, EWT describes a VMS that offers business intelligence and analytics and the ability to communicate across other workforce management systems.
As technology evolves alongside an ever-changing work landscape, EWT may grow and evolve in its definition.
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Is VectorVMS a VMS or an EWT?
So how can you tell if you’re looking at a VMS or an EWT? Though VMS is in the VectorVMS name, the platform’s capabilities are well aligned with the EWT category. VectorVMS strives to provide its clients with everything they need to manage their contingent workforce “from req’ to check.”
From a built-in SOW module and powerful business intelligence reporting system, to technology partnerships that provide direct sourcing and compliance, VectorVMS is indeed an extended workforce technology. We have created a network of best-in-breed technology so you have the best functionality at your fingertips regardless of the type of contingent labor you have in your program.