IQNavigator bills itself as providing "software and services that help the world's best companies manage their extended workforce and procured services in a smarter way -- putting the emphasis on 'IQ' by giving companies powerful insight into and control over the way they source services and utilize their extensive non-employee workforce. For more than a decade, IQNavigator has been at the forefront of the industry in providing the software solutions and managed services that address issues inherent with services procurement and extended workforce management, turning those challenges into opportunities for companies to become more nimble, reduce risk and save millions of dollars."
With the infomercial overview, we can now get to the good stuff. In addition to IQNavigator's sponsorship of Spend Matters as well as our Compass Research series covering services procurement, we're planning a really exciting shared collaboration with them this year analyzing data from their new contingent labor price index IQNdex. IQNavigator bills the index as measuring "the magnitude and direction of change in temporary labor bill rates by skill-set and geography that reflect the rapidly shifting relationship between demand and supply of non-employee workers." The secret sauce behind the IQNdex is that it's based on actual transactional data.
I previously opined that, "for executives, politicians and economists, the granularity of IQNdex based on the level of homework IQNavigator has done to rationalize rates with specific skill-sets and geographies will prove a useful leading indicator of economic growth and declines across the US. This data may become as ubiquitous as ISM PMI data in certain circles. But the biggest benefit will be for services procurement and HR practitioners, looking to make more informed contingent hiring decisions based on actual bill rates for specific job skills. Ultimately, such an index model based on market clearing prices, as IQNdex is, may lead to new types of contracting arrangements and even the securitization of contingent 'commodity' resources, which is exciting to consider. IQNdex is a useful quantitative injection into a sector of procurement that needs greater analytical and data-driven rigor."
Here at Spend Matters, we're excited to be working with IQNavigator and thrilled to be incorporating IQNdex data into our general coverage of the contingent labor marketplace. We're certain this collaboration will be great for our readers as Spend Matters and our associated sites begin to take a more data-driven approach to covering different commodity markets (including contingent labor).