JACKSONVILLE, Fla., Oct. 27, 2021 /PRNewswire/ -- Beeline, the leading technology solution provider for managing the extended workforce, announced a new commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting revealing 158% return on investment (ROI) when deploying Beeline Extended Workforce Platform to manage the extended workforce. Forrester Consulting interviewed and analyzed responses from leading companies in the financial services, oil and energy, and retail industries.
Currently representing 47% of the total workforce, the extended, or contingent, workforce offers more strategic value than ever before, yet many organizations struggle to track, understand, and optimize it. After interviewing companies that utilize Beeline, Forrester Consulting revealed the following benefits based on a composite organization:
Overall cost savings:$12.14M in benefits over three years. After adjusting for costs, net present value (NPV) equates to $7.44M
Quick ROI: Payback (breakeven point) in less than 90 days
Faster access to talent: 28% reduction in annual time to secure approval for costs, budget, and new extended workforce talent
Talent cost optimization:$11.8M direct cost reduction over three years due to visibility into rate cards
Budget efficiency:$233.1K savings in improved efficiency of extended workforce budget approval and hiring over three years
Risk mitigation: 95% reduction in manual errors
Invoice accuracy:$61.7K in saved costs from improved invoice accuracy over three years
According to the study, before implementing Beeline Extended Workforce Platform, "The interviewees' organizations had made significant financial investments in their extended workforces, but they could neither understand nor unleash the true power of that contingent workforce. The companies needed a tool that could push past traditional vendor management systems and deliver the right tools, intelligence, connectivity, and user experience to help them see into the future. Without visibility into their contingent labor, companies were unable to combat rising labor costs and lacked access to agile talent."
A contract systems supervisor in the oil and energy industry said, "When I think back on it, I just can't imagine that we were operating that way, but every single contract that we had was written per individual staff contractor. There was no sight into what the spend was, and that was primarily the goal for implementing Beeline – to gain sight on expenses and time reporting."
The study found that after investing in Beeline, customers experienced a streamlined, automated process for acquiring contingent workers, efficiencies in both onboarding and offboarding, and the resolve of data inaccuracies. Customers noted how Beeline Extended Workforce Platform allowed them to consolidate their supplier base, ensure they met compliance regulations, and avoid overpayment on completed work and talent.
Doug Leeby, Beeline CEO, said, "External workers are a critical component of the modern workforce. Companies must achieve full visibility into all workers if they expect to compete in today's business climate. We feel these statistics are powerful examples of what's possible when unlocking the value of the extended workforce through Beeline."
Beeline will be hosting a webinar featuring guests from Forrester Consulting on November 2, 2021, at 11 a.m. EDT / 4 p.m. GMT+1 to discuss the findings of the study. Click here to register.
Beeline pioneered the world's first extended workforce platform to solve the complexities of managing the modern workforce. With a data set encompassing more than 30 million workers and over $700 billion in talent spend spanning more than 20 years, its intelligence-driven platform transforms how businesses engage, manage, and optimize external talent across more than 120 countries. Enterprises benefit from our unmatched experience and innovation, deeply seasoned experts, and industry-leading partner network to connect them to the remarkable talent within the global extended workforce. To learn more, visit beeline.com.