Ivalua unveils new tool for external workforce management

Ivalua has announced the launch of its new External Workforce Management solution. This addition aims to assist organisations in managing all aspects of their external workforce seamlessly within Ivalua's existing Source-to-Pay platform. The new solution is expected to help organisations select appropriate talent at the optimum cost and time, engaging workers swiftly while mitigating risks, and ensuring adherence to budget, planning, and quality standards.

Patrick Conquet, VP Product Management at Ivalua, commented, "With Ivalua, organisations 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."

The reliance on an external workforce to supplement regular employees signifies a significant financial commitment. Effectively managing this expenditure poses challenges. The fragmented nature of the external talent supply market brings complexities in engagement processes and inefficiencies in worker onboarding, renewals, assignment timings and more. Hidden costs, like unplanned worker expenses, extra hours, and overlapping contracts, exacerbate the task of ensuring a return on investment. Limited visibility further complicates the assessment of contingent workers' performance and value compared to associated costs. Additionally, regulatory risks like potential misclassification can result in substantial fines, back taxes, and other penalties.

Ivalua's External Workforce Management solution seeks to address these issues by enhancing informed decision-making regarding service, supplier, and worker engagement. It covers all facets of an organisation's external workforce commitment, from talent selection at the right cost and time to risk-free worker engagement. The solution ensures delivery adheres to budget, planning and quality standards. Moreover, its configurability allows it to meet specific requirements and comply with local workforce regulations.

The solution provides comprehensive visibility into external workforce costs, the value derived from them, and the overall risk level. By integrating it with the existing Source-to-Pay platform, Ivalua aims to offer a consistent user experience, which is intended to enhance user adoption rates.

This latest development underscores the company's commitment to providing robust tools for spend management, enabling organisations to better manage their external workforce alongside regular employees and other supplier spend categories. The platform's goal is to simplify complex engagement processes while improving efficiency and cost-effectiveness.