Magnit | February 7 2023 |
Magnit earns top “Overall” scores across all VMS categories, making it the only provider in the report to achieve this benchmark.
BURLINGAME, Calif.--(Feb 7, 2023)--Magnit™, an Integrated Workforce Management (IWM) Platform provider, received high ratings in Staffing Industry Analysts’ (SIA) new “Vendor Management System (VMS) Global Landscape and Differentiators” report, which is considered the industry’s standard of excellence. Magnit was evaluated against 16 other VMS providers and was the only one with an overall score of “Best Imaginable” in every category, a clear recognition of the strength and breadth its services.
According to SIA, the global VMS market tallied a 26% increase in year-over-year spend, with spend under management topping $226 billion. Global VMS adoption for companies with over 1,000 employees also grew significantly, increasing from 50% in 2009 to 80% in 2022. VMS buyer sophistication has also increased, with the expectation that contingent workforce programs will provide not only cost savings and visibility, but also data analytics and insights to inform sourcing decisions and help improve efficiencies.
“We are excited to again be recognized by Staffing Industry Analysts for excellence across all areas of VMS,” said Vidhya Srinivasan, CMO of Magnit. “As the contingent workforce continues to grow in importance and complexity for organizations around the globe, we are dedicated to ongoing technology innovation to help them overcome new challenges, maintain agility and thrive in an evolving world of work.”
Magnit scored best-in-class ratings in 86 of the assessment’s 94 subcategories — the highest of any other vendor evaluated — leading to an overall score of “Best Imaginable” across all seven report categories:
According to SIA, 27% of the $226 billion in spend under management was classified as “SOW,” representing a significant area of opportunity for current programs. Magnit scored “Best Imaginable” in 23 of the 24 SOW subcategories — the most of any provider in the report — underpinning the strength of Magnit’s Services Procurement offering.
The report also notes a growing emphasis on direct sourcing as an opportunity to drive cost savings, saying that the pandemic “amplified an already growing buyer interest in direct sourcing, as organizations […] both needed to get closer to their contingent talent and identify opportunities to reduce their overall program cost.” Magnit earned top ratings in 16 of the 17 “Direct Sourcing” subcategories in the report. This performance, which was again better than any other provider evaluated, speaks to the solution’s unique effectiveness.
SIA’s evaluation is based on survey results of the VMS providers and a demo of each platform via web conference. A total of 17 vendors were assessed in the report across 94 categories on a 5-level scoring scale, ranging from “Not available” (no evidence of functionality or roadmap) to “Best Imaginable/Fully Configurable” (enhanced functionality and adoption).
Read the full report.
Magnit™ is a global leader and pioneer in contingent workforce management. Our industry-leading Integrated Workforce Management (IWM) Platform is supported by 30+ years of innovation, modern software, proven expertise, and world-class data and intelligence. It enables companies to optimize talent and diversity goals while achieving operational and financial success. With Magnit, companies can adapt quickly to the evolution of work to grow their extended workforce with greater agility, transparency, and speed. magnitglobal.com
"Magnit" is a trademark or registered trademark of Magnit, LLC. Any trade, product, or service name referenced in this document using the name “Magnit” is a trademark and/or property of Magnit, LLC.