Catch Krishna Charan, Vice President at Everest Group, during this LinkedIn Live session to discover insights into building a sustainable talent strategy. They will discuss how by maximizing resources, organizations can successfully navigate through periods of lull in demand.
Talent Dimensions
VMS Functionalities
In the next normal, due to enterprises’ increased focus on workforce scalability and agility, the contingent workforce is emerging as a key focus area. As a result, enterprises are increasingly leveraging Contingent Workforce Management (CWM) / Managed Service Providers (MSPs) to manage their end-to-end CWM needs.
Market developments following the pandemic are causing MSPs / CWM providers to play a strategic role in workforce management. In response, providers are broadening their offerings and investing in the management of all types of contingent workers. They are enhancing their service scope, digitalizing processes, and expanding consulting capabilities. Providers are also exploring innovative talent solutions such as direct sourcing, services procurement management, total talent management, and independent contractor management to meet enterprises’ demands.
This report analyzes the performance of 30 MSPs /CWM providers and 18 services procurement providers and includes:
Scope:
The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.
The Vendor Management System (VMS) market is growing steadily as organizations adopt VMS to efficiently manage and optimize their contingent workforce. Organizations across industries and geographies, including untapped segments such as mid-market, are relying on contingent workers to meet business demands. Consequently, enterprises now expect VMSs to serve their end-to-end Contingent Workforce Management (CWM) needs.
In response, providers are enhancing VMS capabilities to support all contingent categories and meet diverse client requirements. They are developing additional capabilities for compliance management, invoicing and payments, reporting and analytics, talent pool creation, and provider and candidate sourcing. Additionally, they are enhancing their VMS solutions’ User Interface (UI) / User Experience (UX), strengthening integration capabilities, and offering mobile-enabled solutions.
This report leverages Everest Group’s proprietary PEAK Matrix® framework to evaluate 22 VMS providers’ capabilities across two key dimensions – market impact and vision and capability. The research will help buyers select the right-fit provider for their needs, while providers will be able to benchmark themselves against the competition.
In this PEAK Matrix® report, we:
Scope:
DOWNLOAD THE VENDOR MANAGEMENT SYSTEM (VMS) PRODUCTS PEAK MATRIX® ASSESSMENT 2023
The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.
Everest Group’s Arkadev “Arko” Basak and Krishna Charan will join this webinar panel to discuss the direct sourcing technology’s potential to act as a gateway to total talent acquisition (TTA).
The panel will discuss:
Thursday, October 20, 2022, at 10:00 am CST, 11:00 am EST, 3:00 pm GMT
Live, virtual event
Arkadev “Arko” Basak
Partner, Everest Group
Krishna Charan
Practice Director, Everest Group
Saleem Khaja
COO, WorkLLama
Kevin Poll
SVP, Strategy and Business Development, WorkLLama
Joss O’Brart
Vice President Sales, Europe, WorkLLama
A chatbot programmed to be a seven-year-old boy has become the first artificial Intelligence (AI) bot to be granted official residence in Tokyo, Japan. A NZ-based entrepreneur developed the “world’s first AI politician,” who is expected to run as a candidate in 2020. The CEO of Deutsche Bank estimates robots could replace half the bank’s 97,000 employees. U.S. Defense Secretary Jim Mattis implored President Trump to create a national strategy for AI. The University of Central Florida’s Center for Research in Computer Vision developed an AI-based system to detect often-missed cancer tumors.
The above references highlight a mere fraction of the recent cognitive and AI-based developments. With every passing day, next-generation technologies are integrating seamlessly into our everyday lives. Enterprises, service providers, and technology enthusiasts across industries and business domains are closely looking at these revolutionary and rapidly evolving technologies, which currently seem to have only the sky as the limit to the number of use cases they can generate and empower. Indeed, countries the world over are welcoming this change, with the UAE recently becoming the first to appoint a minister for AI.
Why do businesses need to embrace this change? The answer is simple: technology is no longer a means for savings money – factors such as enhancing the stakeholder experience and mining hidden insights are becoming even more crucial for companies to sustain their operations and stay relevant in the ever-changing economic environment.
The entire global services industry is undergoing a tremendous transition from labor arbitrage to a digital-first model. In the HR space, talent acquisition (TA), including both permanent and contingent workforce acquisition, is continuously developing as a space ripe for ever-evolving innovation. Startups, HR tech incubators, and investors continue working towards eliminating recruitment pain points and creating a seamless hiring experience for both candidates and recruiters alike.
A host of technology offerings – from basic automation tools to gamification solutions to higher-end point solutions and cognitive and AI systems – are emerging in the TA space. And per our recent research to understand where service providers and enterprises are in their journey toward unveiling the full potential of these technologies, the emerging landscape looks promising to kick-start a digital revolution that can transform TA in ways never imagined before.
The following exhibit highlights four key new-age technologies that are finding significant traction in the TA space. The proper conjunction of all these technologies, just like the various organs of a human body, will give rise to effective and more efficient TA systems.
Within TA systems, Analytics applications act like the left brain hemisphere, executing the more logical, analytical, and objective tasks that need to be accomplished. NLP applications act like the right brain hemisphere, executing the more intuitive, thoughtful, and subjective functions. RPA drives the implementation as the muscle, completing the loop to accomplish the objectives, and targets the left brain, the right brain, or both. ML acts as the layer that sits behind all these technologies, and enhances the output further by giving machines the ability to remember and learn from patterns or behavior of the engaging stakeholders, gradually eliminating manual intervention completely.
Here’s a simple example to demonstrate this process in TA: NLP applications learn about candidates – say from resumes, social media, etc. – to help analytics systems evaluate and predict best fit candidates from the information learned. RPA then reaches out to the shortlisted candidates. And all the while, ML technology carefully observes and documents everything to train the systems for better future use.
While some TA functions and tasks have already been automated, our research suggests that within the next five years, over 50 percent of them can be further digitalized leveraging next-generation technologies. The applications of these above technologies in TA are many-fold – AI-based sourcing and screening; psychometric, behavioral and gamified assessments; chatbot-driven candidate communication; and cultural fit, future performance, and attrition prediction – to name just a few.
The ultimate aim is to simultaneously engage and win quality hires, leave a lasting candidate experience, and remove all manual, non-core functions from recruiters’ and hiring managers’ plates.
The time is right for taking a holistic technology-driven revamp of TA functions to stay ahead of the curve in the quest for winning talent in a market that is agonizingly short of quality talent!
Click here for a detailed view on the next-generation technologies shaping TA. And here for a deep-dive into the process and technology digitalization potentials in TA.
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