Happy New Year! How is it already 2023?! Before diving in and working on our new year’s resolutions and product roadmap for 2023 (though stay tuned, because TDX’s product deliverables for 2023 are pretty awesome), we thought we’d take the time to reflect on what 2022 brought us and how it’s forever influenced our product strategy moving forward.
From a macro level and directly from our customers, we heard the ever-present theme that the only constant in this economy is change, and we identified a shift in spend management strategy: the focus shifted from a war for talent to a drive for cost savings. So the big elephant in the room of 2022 and sure to continue through 2023 is this: how do organizations respond to ongoing market volatility and find a way to strategically identify cost savings without sacrificing performance?
Truth be told, Brightfield’s always been devoted to answering these kinds of questions with our product set, and our product vision in 2022 centered completely on enabling our customers to gain insight into both the market and their own program performance so they could appropriately determine their program strategies.
So here’s a quick highlight round of our top features that we released in 2022:
At the beginning of the year, we released Rate Intelligence for the contingent workforce, which combined our market rate benchmarks and fillability in one UI. Our customers could now research market bill rates, pay rates, and markup percentages quickly via job titles or job descriptions, meaning that as they partner with sourcing consultants or business partners, they are providing up-to-date and realistic rate guidelines.
And to close out the year, we took our CW rate capabilities even further with a complete refresh of our Rate Card Manager feature. The newest version keeps the powerful capabilities of providing TDX-recommended rates based on your objectives: cost savings or aligning closer to the market rates to improve fillability. We took all that data one step further and added the ability to forecast changes so that users could see the projected impact of their rate card changes to KPIs like time-to-fill.
However, benchmarking contingent roles and assignments wasn’t the only thing on our minds last year. Many of our customers were clamoring to get an understanding on if their SOW resources were also being priced at a fair market value. And so, we began investing our time into solving the puzzle of “should-costs” for time and materials resources. We focused on identifying patterns within our SOW transactional dataset and were able to identify certain premiums depending on supplier profiles, and thus developed SOW Rate Insights. Our customers now refer to these market should-costs during contract negotiations, or while they are negotiating supplier rate cards; one was able to identify $4 million in savings in the first SOW that they analyzed with TDX.
We took this one step further with our out-of-the-box SOW Quality and Risk dashboard, allowing our customers to analyze over time the performance of their SOWs, answering questions like “how many of our SOWs have Fees at Risk clauses or SLAs to lower our company’s risk,” or “how many of our SOWs utilized a supplier off of our preferred supplier list with pre-negotiated rates?”
Ultimately, our foundation and the scientific “magic” behind TDX is that our market data models are exclusively trained using real-market transactional data, meaning our benchmarks are the most reliable and reflective of the current market. As we look forward to 2023, we can’t wait to continue building on this foundation, and creating more extended workforce tools that our customers can use to weather this volatile economic storm!
Want to see all of these new TDX features in action and get insight into what we are forecasting for this year? We are recording a podcast next week and want to answer all of your burning TDX questions - reach out to me on LinkedIn to submit your questions. Stay tuned!