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Via the implementation of a Managed Services Program, soft dollar savings result from time savings and increased efficiencies, including:
Reduction in Time Spent Acquiring Contractors
A Managed Services implementation reduces the time invested by hiring managers/administrative support in fielding employment agency sales calls, giving the same job description to multiple suppliers, negotiating rates, extensions and raises, and dealing with inefficient staffing firms. This time-saving frees up administrative resources to be assigned to other responsibilities.
Reduction in Time Spent Managing Contractors
A Managed Services implementation reduces the time invested by hiring managers managing consultant workload, reviewing and approving/rejecting consultants reported hours, etc. through simplified/uniform timesheets, standardized approval process, and having all consultant data conveniently captured in a central repository.
Reduced Accounting, Administrative and Legal Effort
Automating and creating a uniform contract staffing process eliminates requirements for unique vendor contracts, unique billing and time reporting cycles, disparate time card formats, and multiple points of company contact. With Managed Services, clients benefit from a single contract and a single point of contact. Accounting-related costs associated with labor, rent, computers, benefits, insurance and error correction all may be reduced.
Easier Engagement Logistics
With Managed Services, automatic, time-saving notifications will be sent to appropriate users across the company to enable/disable building and parking passes, enable/disable system passwords, and assign/return equipment (i.e., cell phone, laptop, pager) from contract labor.
Simplified, Centralized Contract Management and Storage
A single, centralized data repository allows Procurement and other users to conveniently and logically attach and retrieve documents from one or multiple suppliers, their associated contracts, certifications, insurance and any other exhibits or agreements required.
Improved Financial Cost Control and Analysis
Finance professionals gain real-time on demand reporting capability to analyze project spend against budgetary projections and respond accordingly. Projects can be viewed by cost center, job code, business division, manager etc. for corrective action when required.
Reduced Human Resources Time and Cost
HR departments benefit from convenient, centralized document management for non-disclosure agreements, background checks and exhibits, and other data specific to each supplier and consultant. In addition, via Managed Services program, all vendors will be performing services under uniform contractual terms, including contract to permanent fee schedules, hourly rates and mark-ups—eliminating time consuming negotiations with a myriad of suppliers.
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