Last week, IQNavigator announced a new feature that will be included with its solution: IQNtegrator. The hard-to-pronounce feature represents a natural (and important) evolution for cloud-based transactional procurement deployments of all types – but it’s especially important in the VMS world. IQN positions this new offering as increasing the speed of complex, global deployments. Specifically, deployments with “global customers require[d] a minimum of 8-10 integrations with back office ERP and proprietary systems ... IQNtegrator removes 10+ weeks from the average VMS industry implementation time line.”
This matters for a number of reasons. First and foremost, the value of integration for procurement systems is something that does not get enough emphasis, especially in the services procurement area. Companies that can fully integrate their vendor management system (VMS) not only into their back-end ERP but also into other solutions – including identity and asset management, eProcurement, e-invoicing and contract management software – stand to gain a multiplier effect on the value of their deployments across both contingent and SOW spend.
But most organizations have not focused enough on integration with VMS deployment for a variety of reasons, especially in these additional areas. Faster integrations should beget accelerated contingent workforce and SOW program results, along with the opportunity for companies to integrate additional systems beyond core financials to enhance services procurement savings and compliance while reducing human capital supply chain risk. Perhaps rapid integrations will even help overcome the “Snowden effect” of providing contingent workers (and past contingent workers no longer on site) with access to information they should not be able to access.
Spend Matters applauds IQNavigator's focus on integration and we expect other VMS providers to follow suit. The additional business outcomes that companies can realize through additional integrations beyond basic VMS to financials linkages are simply too valuable to remain on the back burner. Integration speed will bring these within reach of more and more procurement, HR, and IT organizations using VMS tools to manage contingent and SOW spending.