3 Story Software Named 'Major Contender' in Everest Group's 2024 VMS Assessment

3 Story Software (3SS), a leading provider of contingent workforce management solutions, has been designated as a 'Major Contender' in Everest Group's Global 2024 Vendor Management System (VMS) PEAK Matrix® Assessment. This recognition underscores 3SS's growing influence and capabilities in the VMS industry, particularly during a period of global economic challenges.

The Everest Group's PEAK Matrix® Assessment is a comprehensive evaluation of 22 VMS providers, analyzing their market impact, vision, and capabilities. This assessment serves as a crucial tool for buyers in the selection of appropriate service providers and offers vendors valuable insights into their competitive positioning within the industry.

The PEAK Matrix® framework assesses providers based on two primary dimensions: market impact and vision and capability. Market impact is evaluated through factors such as market adoption, service breadth, and value delivered to clients. The vision and capability dimension examines technological innovation, unique strengths, client support, and strategic approach.

This recognition comes at a time when the staffing industry is experiencing a global contraction, a trend often observed during periods of economic instability and inflation. John Moore, Director of Client Solutions for 3 Story Software, emphasized the importance of comprehensive visibility in contingent labor spend management during such times, stating, "During times like this, it is especially important to have access and visibility to all of your contingent labor spend, whether it is in a single building or across multiple countries. 3SS is the SaaS application needed to manage all of your indirect labor needs."

3 Story Software's inclusion as a 'Major Contender' in this assessment reflects its ability to adapt to challenging market conditions and provide robust solutions for contingent workforce management. The company's understanding of current market dynamics has played a crucial role in shaping its product roadmap and addressing feature requests from Managed Service Provider (MSP) partners.

Joseph Marsh, Senior Vice President of 3 Story Software, reaffirmed the company's dedication to innovation, stating, "At 3 Story Software, our commitment to innovation and delivering enterprise-class solutions remains unwavering."

3 Story Software has been a prominent player in the contingent and external workforce management sector since 2007. The company operates globally across more than 30 countries, offering a highly configurable and scalable Vendor Management System (VMS) and Extended Workforce Management System (EWS). These solutions are designed to adapt to the unique requirements of various industries.

With 17 years of market experience and an annual spend under management of $2.9 billion (USD), 3SS enables efficient management of diverse contingent labor categories, including hourly workers, Statement of Work (SOW) contracts, independent contractors, indirect services, and direct hires.

The recognition of 3 Story Software as a 'Major Contender' in Everest Group's assessment signifies its growing importance in the VMS market. As businesses continue to navigate the complexities of managing contingent workforces in a challenging economic environment, solutions like those offered by 3SS are becoming increasingly vital for maintaining operational efficiency and cost-effectiveness.

For organizations seeking to optimize their contingent workforce management strategies, the Everest Group's VMS PEAK Matrix® Assessment, including the evaluation of 3 Story Software, provides valuable insights into the capabilities and market impact of leading VMS providers. This information can be crucial for businesses looking to make informed decisions about their workforce management solutions in an ever-evolving labor market.