A vendor management system, or VMS, is a software application that helps organizations to procure, manage and pay for temporary staff and services. It is a centralized system that streamlines the process of identifying and engaging temporary workers from multiple vendors, and tracking and paying for their services.
A VMS typically includes a vendor management portal, where vendors can view and respond to requisitions for workers. The portal may also include a system for managing workers’ time and attendance, and for tracking and approving invoices.
VMS systems can help organizations to improve the efficiency and quality of their temporary staff procurement process, and to better manage the costs of engaging temporary workers.