The Marvel Studios character Tony Stark has a special Iron Man suit that gives him super-human powers, by providing him with computer-enhanced information, guidance, and physical strength. I am pleased to announce that we have just created a new part of our TDX platform that gives hiring managers super-human buying powers.
The new functionality, which we are calling TDX SmartBuyer, helps every hiring manager behave like the best contract labor buyers. This all happens in real-time in the Vendor Management System that hiring managers use to request new contract labor.
Hiring manager behavior has been a challenge to effective extended workforce management for years. Most large companies have hundreds or thousands of employees who can request contract labor support. Unfortunately, these buyers have very uneven buying proficiency. These buyers often:
· Use the wrong contracting channel, e.g., use the services procurement channel instead of the staff augmentation channel
· Layer in too many skills or experience requirements, which drives up costs and slows down the sourcing process
· Default to higher-cost locations
Our analysis suggests that hiring managers are wasting one in five dollars due to inefficient contract labor buying, in aggregate. Ideally, someone would coach each hiring manager in every specific buying situation, guiding the hiring manager to make the best tradeoffs of channel, skills, location, experience level, etc. Unfortunately, this would be a costly proposition for a company or their Managed Service Provider (MSP) if the company has hundreds or thousands of potential contract labor buyers, as most do.
Luckily, Brightfield’s data and artificial intelligence models have broken this compromise. SmartBuyer version1.0, finalized this week, guides every buyer to make optimal decisions when requesting new contract labor support. SmartBuyer1.0 is built right into Beeline’s Vendor Management System. When a buyer starts a new requisition in Beeline, SmartBuyer knows what this specific hiring manager is likely looking for, because SmartBuyer knows what each hiring manager has purchased in the past and what their colleagues and competitors are purchasing (see AI-Suggested Job Titles for a Hiring Manager’s Current Need).
SmartBuyer guides each buyer in the moment to the optimal skills, experience, and location for the requisition to find a great worker quickly at the lowest cost. Since SmartBuyer is part of TDX, which tracks current market conditions for contract labor, SmartBuyer tags individual skills with their relative impact on the cost and time to fill a specific assignment (see AI-Suggested Skill Requirements for Each Assignment). SmartBuyer even tells the hiring manager the predicted time to fill this specific role and the recommended cost for this specific assignment, given current local market conditions.
And procurement and HR leaders can track how SmartBuyer is changing hiring managers’ behavior over time (see SmartBuyer Impact Tracker). Monthly reports show how new contract labor purchases compare to past hiring manager purchases and competitors’ purchases of the same type of work along a number of dimensions such as:
· Assignment costs
· Speed to fill open positions
· Assignment success rates
· Cumulative cost savings
· Cumulative time savings
TDX SmartBuyer gives every contract labor buyer an Iron Man suit that lets them behave like the best buyers. Let us know if you’d like to learn more about TDX SmartBuyer by requesting a custom one-on-one demo now.