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SIA Releases 2022 VMS Global Landscape and Differentiators Report, Reveals Magnit as Prominent Leader
Magnit | February 7 2023
As we begin a new year and reflect on the previous, SIA acknowledged Magnit in its recent 2022 VMS Global Landscape & Differentiators report with best-in-class ratings across the board, reflecting the strength of our unique Integrated Workforce Management Platform approach.
Magnit was the only provider to receive the top overall score of "Best Imaginable/Fully Configurable" in all seven primary evaluation categories. Within those seven areas, SIA’s recent 2022 survey evaluated 17 VMS vendors across 94 subcategories. Magnit scored tops in 86 out of the total 94 subcategories in the assessment — the highest of any vendor evaluated — leading to the overall “Best Imaginable” scores:
Key Differentiators
In its assessment, SIA’s 2022 VMS Landscape Report highlighted several key differentiators and areas of strength for Magnit. These include:
- Integrated Workforce Management Platform approach: Magnit is comprised of multiple solutions in addition to VMS, includes leading-edge MSP, Direct Sourcing, Total Talent Intelligence, Services Procurement, Employer of Record, Diversity Equity & Inclusion, and Strategic Advisory. This enables Magnit to serve as the single source of truth for an organization’s end-to-end contingent workforce management needs.
- Global Reach: Magnit has a global presence in 124 countries with over 10,000 supplier partnerships.
- Talent Intelligence: Magnit has become the world’s largest repository for contingent labor data with over 205B data points, driving smarter decision-making and program success.
- Mobile Functionality: Magnit VMS’ mobile platform, which provides on-the-go access for managers, workers, and suppliers, earned “Best Imaginable” ratings across all mobile categories in the report.
- Ease of Integration: Magnit’s development and investment in Magnit I/O, a system-agnostic, no-code integration platform, provides flexibility, security and scalability when executing data integrations with Magnit VMS, including third-party systems/partners such as Workday, ServiceNow and Glider.
Spotlight: SOW and Direct Sourcing
A major spotlight within the SIA report is Magnit’s Statement of Work (SOW). Magnit scored “Best Imaginable” in 23 of the 24 SOW subcategories, the most of any provider in the report, underpinning the strength of the Magnit Services Procurement offering. Magnit VMS, with its fully integrated SOW capabilities, provides full sourcing and SOW creation, plus SOW management and reporting displayed in an analytics dashboard.
The SIA report also acknowledges the growing emphasis on direct sourcing with an opportunity to drive cost savings. Magnit had the top ratings in 16 of the 17 “Direct Sourcing” subcategories in the report, which was again more than any other provider evaluated and speaks to the solution’s effectiveness. (Learn more about direct sourcing.)
Partnerships and Acquisitions
The SIA 2022 report also cites the strength of Magnit’s strategic partnerships, including Ceridian. This partnership enables Magnit to broaden its Worker Experience solution by offering Dayforce Wallet, Ceridian’s market-leading pay solution that allows employees to access their pay on demand.
According to SIA, acquisitions have been a focus for many technology companies, especially VMS providers -- enhancing their portfolio, market share, and geographic or service capabilities. Magnit is one of those VMS providers with a strong M&A strategy. For example, it acquired Geometric Results, Inc. (GRI) in March of 2022. GRI is an excellent addition to Magnit’s Integrated Workforce Management platform with services including SOW optimization, proactive sourcing, market intelligence and supplier engagement, which enable Magnit to broaden service offerings of strategic talent acquisition, cost savings and growth goals related to contingent workforce management programs. Other recent M&A activities include the acquisitions of Workforce Logiq, Brainnet, WillHire, and PeopleTicker.
Learn More
For detailed information on Magnit VMS, please review the newly published 2022 SIA Global Landscape Report, visit our VMS solution page, or request a demo!
If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.
Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.