Vendor management system

Vendor Management System

Vendor management system

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Description:
A vendor management system (VMS) is an Internet-enabled, often Web-based application that acts as a mechanism for business to manage and procure staffing services – temporary, and, in some cases, permanent placement services – as well as outside contract or contingent labor. Typical features of a VMS application include order distribution, consolidated billing and significant enhancements in reporting capability that outperforms manual systems and processes.Staffing Industry Analysts, Inc: "VMS Marketplace Profile", page 1. Staffing Industry Analysts Insight, 2007

In the financial industry due to recent regulations, vendor management implies consistent Risk Classificant and due diligence done to ensure risk assessment that eliminates undue third-party risks exposure.

Definitions

The contingent workforce is a provisional group of workers who work for an organization on a non-permanent basis, also known as freelancers, independent professionals, temporary contract workers, independent contractors or consultants. VMS is a type of contingent workforce management. There are several other terms associated with VMS which are all relevant to the contingent workforce, or staffing industry.

A vendor is literally a person or organization that vends or sells contingent labor. Specifically a vendor can be an independent consultant, a consulting company, or staffing company (who can also be called a supplier – because they supply the labor or...
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