3 Story Software has been designated a 'Major Contender' in Everest Group's Global 2024 Vendor Management System PEAK Matrix® Assessment, a significant development for vendors in the human resources technology sector. This evaluation analyzed 22 VMS providers on market impact and vision and capability, serving as a crucial guide for industry buyers. The recognition arrives during a period of global staffing industry contraction driven by economic instability and inflation, underscoring the heightened need for visibility into contingent labor expenditures.
John Moore, Director of Client Solutions for 3 Story Software, emphasized the critical nature of this visibility, stating that access to contingent labor spend data is especially important during challenging economic times, whether for a single location or operations across multiple countries. The company's SaaS application is positioned as a solution for managing all indirect labor needs. This market context has influenced 3SS's product roadmap and response to feature requests from Managed Service Provider partners, contributing to its strong assessment positioning.
The PEAK Matrix® framework evaluates providers on specific dimensions. Market impact is measured through market adoption, portfolio mix, and value delivered to clients. The vision and capability dimension examines strategy, service delivery, innovation, and support. 3 Story Software's performance in these areas reflects its 17+ years of market experience and operations across more than 30 countries, managing $2.9 billion in annual spend.
Joseph Marsh, Senior Vice President of 3 Story Software, reaffirmed the company's commitment to innovation and enterprise-class solutions. The company's VMS and Extended Workforce Management System are designed to be highly configurable and scalable, serving various industries by managing diverse contingent labor types including hourly workers, Statement of Work contractors, independent contractors, indirect services, and direct hires.
For HR technology vendors, this assessment signals several important market trends. The recognition validates 3SS's growing influence in the VMS market and highlights the increasing demand for robust contingent workforce management tools as businesses continue to adopt flexible workforce models. The assessment serves as a benchmark for solution capabilities, with Everest Group's analysis available at https://www.everestgrp.com providing valuable insights for vendors evaluating competitive positioning and market opportunities.
The broader implication for the HR vendor ecosystem is clear: as contingent workforces become more critical to global business operations, technology solutions that offer comprehensive visibility, control, and efficiency in labor management are gaining strategic importance. 3 Story Software's positioning as a 'Major Contender' suggests its solutions are well-aligned with current market needs, potentially influencing development priorities across the VMS competitive landscape. This development matters to vendors because it identifies a provider gaining traction in a market segment that remains vital despite economic headwinds, indicating where enterprise investment and partnership opportunities may be concentrated.
