Finding Spend Visibility and Savings Opportunities in an Unlikely Place:  ICs, Freelancers and FMS

contingent workforce

New opportunities for spend visibility, analysis and savings are emerging in an unlikely place: the fast-growing category of the independent workforce.

Today, the independent workforce category represents only a small fraction of total spend under program management because most of the actual spend is rogue. Freelancer management systems (FMS) create the opportunity to bring this spend under management and make it visible and subject to analysis. The granular definition of work categories and available data allow for unprecedented visibility and analysis that can lead to direct cost savings and reduction of compliance risk.

This paper maps out the path to visibility and savings (including rate arbitrage) based on FMS, which represents a major step toward a source-to-pay solution for the contingent workforce.

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