An international telecommunications provider of wireless, voice, messaging and high-speed data services was experiencing international growth, which triggered a rapid buildup in contingent staffing across numerous operations, causing costs to outpace revenue in certain labor markets. They began looking for a partner to help reduce costs and administrative expenses.
To help convert the revenue growth into profit, the company needed to reduce costs and administrative expenses associated with a burdensome contract labor process. They needed proven solutions to reduce the vendor pool, minimize co-employment risks, increase contract compliance, reduce process liability and measure vendor performance.
The client turned to TAPFIN, who utilized its comprehensive library of industry best practices to build a custom solution to meet the client’s objectives. The Contingent Workforce Management and Independent Contractor Management teams went to work standardizing rates and procedures, automating time-intensive processes, and consolidating invoices to shorten fulfillment cycles and increase productivity.
TAPFIN worked with more than 60 vendors to add all existing consultants into the system, verifying the accuracy of all information. TAPFIN also assisted the client in hiring an additional 260 or more consultants to support more than 65 projects in less than nine months. Based on superb implementation and client satisfaction, the company subsequently awarded TAPFIN the remaining divisions. In the first year, TAPFIN was able to generate savings of approximately 40 percent over the previous year.
The program has delivered significant results, including the following:
- Cost savings of 40 percent over the previous year.
- All vendors and contractors were consolidated into one system, creating greater visibility and efficiency.
- More than 260 additional consultants were engaged in less than nine months.
- Procurement and fulfillment cycles were both significantly shortened.
- Seamlessly integrated independent contractor management resulted in increased efficiency and reduced cost.