Ivalua, a global leader in spend management, announced the launch of its External Workforce Management solution which enables organizations to manage all aspects of their external workforce alongside the rest of their supplier spend.
With Ivalua, organizations can gain a comprehensive understanding of external workforce costs, the value derived, and the level of risk involved at any given time.
Resorting to an external workforce to supplement regular employees represents a substantial financial commitment and managing this type of expenditure effectively is challenging. The fragmentation in the external talent supply market results in complex engagement processes and inefficiencies around worker on/offboarding, renewals, assignment start and end dates, and more. Additionally, ensuring a return on investment can be difficult due to hidden costs such as unplanned worker expenses, extra hours, and overlapping contracts. Limited visibility also hampers organizations’ ability to assess contingent workers’ performance and value in light of the costs. Finally, the external workforce is a source of regulatory risk with potential misclassification resulting in massive fines, back taxes, and other sanctions.
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Ivalua’s External Workforce Management solution addresses these challenges by providing organizations with better-informed arbitrage capabilities to engage with the right service, supplier, and worker. The solution supports all aspects of an organization’s external workforce commitment from selecting the right talent at the right cost and time to engaging workers swiftly and risk-free, while ensuring delivery in adherence to budget, planning, and quality standards. With its unrivaled configurability, the solution can be tailored to any specific requirements and local workforce regulations. Furthermore, by developing the solution in Ivalua’s Source-to-Pay platform, it offers a consistent user experience boosting user adoption.
“With Ivalua, organizations take control of their external workforce spend, performance, and risk. Embedding the solution within our unified Source-to-Pay platform, businesses can engage with the right talent, at the right cost, and at the right time, enabling them to make risk-free investments in external workforce and drive operational efficiency,” said Patrick Conquet, VP Product Management at Ivalua.
SOURCE: PRNewsWire