SOURCING ECOSYSTEM

Sourcing ecosystems are replacing supply chains as a way to ensure access to talent and manage a company’s contingent workforce. Legacy Vendor Management Systems (VMS) are simply not agile or powerful enough to keep up with a rapidly evolving market for external workers. Flextrack’s unique extended workforce Platform as a Service provides a centralized, secure, and accessible solution for sourcing the extended workforce across the ecosystem.

 

By offering advanced analytics, seamless integration, and improved supplier relationships, Flextrack is years ahead of any legacy VMS tool on the market today.

What is a Sourcing Ecosystem?

A sourcing ecosystem refers to a comprehensive strategy for relationships, tools and processes that support the sourcing, engagement, management, and optimization of a company’s contingent workforce. It encompasses all aspects of managing a flexible extended workforce, including identifying talent pools, sourcing and selecting talent, contract negotiation, engagement and payment management, performance monitoring, and end-of-assignment processes.

 

Sourcing ecosystems represent a more holistic, future-proof strategy to talent acquisition than supply chains. The specific skills your business needs to meet its objectives, for example, may not be present in one or more of your supply chains. By raising your visibility into the entire ecosystem, you are much more likely to find the skills you need in a more efficient, reliable and constructive manner, especially given how mobile talent is becoming. The result is a better experience and unlimited access to skills and talent, when you need it.

THE PATH FROM SUPPLY CHAINS TO ECOSYSTEMS

Unlike supply chains, the goal of a sourcing ecosystem is to create a seamless and efficient process for finding and managing the right talent from all channels to meet the changing needs of the business.

Key challenges of sourcing ecosystem technologies

Some organizations may deploy a single procure-to-pay (P2P) suite solution for each workforce segment to meet their sourcing and procurement needs. This results in modular solutions that reinforce silos and lead to inefficiencies, frustrating user experiences, and missed opportunities to identify and access sought-after talent.


The digitization of procurement and sourcing has driven the development of related applications such as eSourcing platforms, contract management systems, supplier management systems, procurement analytics, and spend management platforms, to name a few. However, each of these solutions often only partially meets the needs of the organization.

EXAMPLES OF CHALLENGES

In short, a sourcing ecosystem requires an agile, integration-forward technology, along with careful planning, implementation, and management, to ensure that its benefits can be realized while addressing challenges, costs, and risks.

Enter: Flextrack’s Platform as a Service – unifying fragmented systems

Bridging the gap between your extended workforce and your enterprise talent strategy

We bring different sourcing technology that organizations need together into a single user experience.

Companies use this technology to source talent:

  • VMS
  • Direct sourcing
  • Freelancer management systems
  • Applicant tracking systems
  • Staffing suppliers
  • Procurement tools
 

Flextrack leverages analytics to make it all actionable, and we do it through a great user experience.

Here’s what having our solution means for the dynamism and interconnectedness of your organization:

Stay flexible and responsive as you access your entire ecosystem from one place: The AppExchange© connects you to 7000+ apps that let you access information and work from anywhere.

Get real-time insights into procurement and sourcing: Our advanced analytics capabilities let you make informed decisions and directional shifts quickly.

Access a centralized and accessible source of information for all aspects of procurement and sourcing: Flextrack is a cloud-based platform that helps customers nurture more efficient and effective teams.

Strengthen supplier relations and improve sourcing: Flextrack’s collaboration and communication tools help you work closely with suppliers, stakeholders, and top talent.

Enjoy seamless integration: With a variety of procurement and sourcing applications through our open architecture and APIs, you get a comprehensive, adaptable, and easy-to-navigate sourcing ecosystem.

Flextrack is built on the gold standard of cloud platforms to provide a next-gen VMS

Building our extended workforce solution with a PaaS architecture allows us to provide organizations with a comprehensive, future-proof and secure next-gen Vendor Management System (VMS) that’s years ahead of any legacy VMS tool.

CERTIFIED CONNECTORS (IPAS)

Prebuilt connector with leading ERP and other enterprise technologies to simplify integrations

OPEN API

Seamlessly integrated an organization’s talent technology into a single user experience

APPEXCHANGE

Choose from thousands of different business applications to bolt onto your solution to meet your business needs

All aspects of procurement and sourcing operations are supported; from supplier management and contract negotiation to spend analysis and performance monitoring, Flextrack has the capability to source all your talent in one single experience.

Flextrack is built on the gold standard of cloud platforms to provide a next-gen PaaS

Building our extended workforce solution with a PaaS architecture allows us to provide organizations with a comprehensive, future-proof and secure next-gen Vendor Management System (VMS) that’s years ahead of any legacy VMS tool.

All aspects of procurement and sourcing operations are supported; from supplier management and contract negotiation to spend analysis and performance monitoring, Flextrack has the capability to source all your talent in one single experience.

Flextrack is always looking ahead – it’s how we stay future-proof

As an extended workforce Platform as a Service (PaaS), part of what makes us so effective is the belief that in order to have a functioning ecosystem, we must look beyond the capabilities of current technology by considering new trends, developing ideas, and key data. We’re always engaging our communities and leaders to gain insights and perspectives that help us grow and our clients succeed.

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