At its IQNsiders user and partner conference Friday, IQN highlighted five major achievements as it pursues its platform-based product and market strategy to “reimagine VMS”:
- A new user interface (UI) to support customer experience
- New rate, time and expense functionality for managing contingent labor worldwide, which will roll out in the second half of 2016 and the first half of 2017
- A “marketplace of services” for contingent workforce management
- An IQN talent pool infrastructure
- Cognitive Intelligence Solution for data‐driven workforce management
With the core technology foundation of the IQN platform now completed, IQN has begun to roll forward with new capabilities to drive business value.
In terms of enhanced functionality, IQN is unveiling a new UI that makes it even easier for users of all kinds to utilize IQN’s vendor management system (VMS) platform. According to the company, the new UI is based on a design effort driven by input from customers and partners in order to make IQN’s platform more efficient for VMS power users and more intuitive and easier to use for users who are new to VMS systems or use the VMS infrequently. The new UI will be available effective April 29, 2016.
The company also announced that later this year it would start the roll-out of new rate, time and expense (RTE) functionality. RTE, which IQN states is “a first” in the VMS space, relies on a rules-based engine to enable virtually unlimited rate, time and expense management configurations as required by customers that operate across different jurisdictions, near and far. IQN reports that RTE “brings together calendar and shift definitions, pay rates and rules, overtime rules, local insurance and pension rules and timesheet definitions that can be configured to meet unique organizational and MSP needs and ensure local compliance.”
In addition to enhanced functionality, IQN has also announced a range of significant extensions to its platform that are transformative to how enterprises source and manage their contingent workforce.
The company announced Friday what it calls “a marketplace of services for contingent workforce management.” Over the past year or so, IQN has been starting up an ecosystem of complementary technology solutions and services providers. This ecosystem development, which will be on-going, appears to have reached critical mass with Bartech, CDI, Corporate United, Elevate, Genesys Talent, GRI, Hired, HireRight, IBM, KellyOCG, MBO Partners, Montage, Monster, Oracle, Pontoon, TalentWave, Visier and Workday. IQN said that “the partner ecosystem provides solutions that help customers with every aspect of contingent workforce management,” ranging from accessing talent through various non-traditional sources to engaging and vetting candidates to the point of onboarding. What the ecosystem partners provide appears to be deemed a “services marketplace,” because customers choose which services they wish to buy and consume.
The company also announced its platform extension, Talent Pools, which “enables HR and procurement professionals to create, engage and manage private, public and supplier‐submitted talent pools all on one platform.” Talent Pools figures into IQN’s strategy to enable businesses to tap into various non-traditional talent sources and establish online connections with selected talent, which can include alumni, silver medalists and off-boarded contractors. Maintaining such connections improves time-to-fill and other key talent acquisition parameters.
Finally, today, IQN demoed and launched IQN Intelligence, what the company is calling the “first cognitive intelligence solution for data‐driven workforce management.” IQN Intelligence, the company said, is powered by IQN’s cognitive intelligence engine, named Automated Talent Ontology Machine (ATOM) and “gives companies the ability to make far better, more informed contingent and total workforce labor decisions using data‐driven insights.”
ATOM, the company reports, delivers real‐time recommendations on rates, time‐to‐fill, labor demand modeling and industry benchmarking — all driven by scalable data visualization and real‐time predictive analytics that are built directly into IQN Intelligence.
IQN President and CEO Joe Juliano remarked that this release of IQN Intelligence is a milestone not only for IQN but for the VMS industry as a whole. Predictive analytics, he said, is “transforming a wide range of industries because of the way it provides actionable insights that have never before been possible.”
“IQN is proving itself to be an industry pioneer by putting the power of predictive data analytics in the hands of our customers, and doing so in a way that is incredibly easy to use and take advantage of.”