Shortlist: Vendor Analysis — Analysis, SWOT, Selection Checklist

This Spend Matters PRO research brief provides an introduction to Shortlist, which describes itself as an FMS (freelancer management system) or, alternatively, a software-as-a-service platform for businesses to engage, on-board, manage and pay independent/freelancers. Shortlist was covered in the Spend Matters SolutionMap for software solutions that enable businesses to manage their direct-sourced, independent contract workforce (where it was designated as a Solution Leader, the upper right quadrant for having high scores for capabilities and high customer scores, for all four buyer personas).

FMS solutions began to emerge about eight years ago, when the rise of the gig economy called attention to the lack of solutions designed to enable organizations to engage and manage their independent/freelance workers. Vendor management systems (VMS) solutions did not provide fit-for-purpose solutions; and many companies managed with spreadsheets, other kludged systems or nothing at all. In any case, it became increasingly clear that organizations of all sizes had neither adequate visibility into their independent/freelance workers nor the tools to manage and fully leverage that population of talent.

Over the past eight years, various solutions emerged to attempt to address these requirements. Today they now number on the order of 20 providers, depending on how the category is delimited, based in North America and elsewhere. These solutions have taken a variety of forms, often going beyond the classical definition of FMS[1]. Some arose in tandem with their proprietary, pre-populated online freelancer marketplaces (e.g., Upwork). Some were geared to enable mobile field contractors/gig workers (e.g., FieldNation, WorkMarket). Some, including Shortlist, began supporting small-scale service providers (like boutique creative agencies, small specialized consulting firms) in addition to individual independent/freelance workers.

In this Vendor Introduction, we will zero in on Shortlist and provide an overall understanding of the company and the solution. The brief includes a summary assessment of features and functions, a SWOT analysis as well as a selection checklist for companies that might be considering Shortlist. In this brief, we will abbreviate individual independent/contract/ freelance workers as ICWs and small-scale service providers as SSPs (collectively, we refer to them as “providers”).