Challenge: Organizations buying Vendor Management Systems (VMS) faced a crowded market and needed credible, comparative information to select the most suitable provider. Everest Group addressed this by assessing providers on market impact and vision and capability. The evaluation also considered how solutions could improve areas like UI/UX, global compliance management, reporting and analytics, talent pool creation, and sourcing. Solution: Everest Group conducted its 2023 VMS PEAK Matrix® Assessment using its proprietary PEAK Matrix® framework. The study evaluated 22 VMS providers across the two key dimensions of market impact and vision and capability. As part of the assessment, it reviewed providers’ technology solutions, unique capabilities, client assistance, and business approach. 3 Story Software was included in this evaluation and was acknowledged based on the framework’s findings. Results: 3 Story Software was acknowledged as a ‘Major Contender’ in Everest Group’s 2023 VMS PEAK Matrix® Assessment. The assessment positioned the company within a vendor landscape that evaluated 22 providers. The announcement also stated the company had operated since 2007 and supported a global customer base. It reported over 140 global clients using 10 languages and 12 currencies.

Project Details

Challenge: The contingent workforce and staffing industry had experienced a global contraction amid economic instability and inflation. In that environment, organizations needed better access and visibility into contingent labor spend across locations and countries. Buyers also faced a crowded VMS market and needed credible guidance to evaluate providers. The situation increased the importance of solutions that could scale and adapt to changing conditions. Solution: Everest Group evaluated VMS providers using its proprietary PEAK Matrix® framework. The assessment reviewed 22 VMS providers across market impact and vision and capability, including factors such as market adoption, breadth of services, value delivered, technological innovation, client support, and strategic approach. 3 Story Software positioned its platform for managing indirect labor needs and used market dynamics to shape its product roadmap and partner feature requests. The resulting analysis was published in the Global 2024 VMS PEAK Matrix® Assessment. Results: 3 Story Software was recognized as a “Major Contender” in Everest Group’s Global 2024 VMS PEAK Matrix® Assessment. The recognition placed 3SS among the VMS apps evaluated in the 2024 assessment. The company highlighted its long-standing market presence since 2007 and global operations across 30+ countries. It also cited $2.9 billion (USD) in annual spend under management and 17+ years of market experience.

Project Details

Challenge: Organizations increasingly relied on external vendors for critical business processes and needed assurance that vendor systems remained secure, available, confidential, and privacy-aligned. 3 Story Software needed to demonstrate that its controls operated effectively over time, not just in design. The company also needed to maintain trust and transparency for clients and partners amid rising expectations for security and compliance. Solution: 3 Story Software underwent a SOC 2® Type II audit conducted by A-LIGN for the period June 1, 2023 to June 30, 2024. The company maintained security and privacy controls covering security, availability, confidentiality, and privacy. It implemented robust encryption for data at rest and in transit, including AES 256 encryption for critical backups. It also aligned practices with frameworks such as CISA and PCI and referenced ISO 27001 certifications alongside the SOC 2 Type II report. Results: The audit was successfully completed and confirmed the effectiveness of 3 Story Software’s privacy practices. A-LIGN affirmed that the company’s controls met SOC 2 standards for security, availability, confidentiality, and privacy. The audit validated that controls were not only designed effectively but also operated throughout the audit period. The company reported increased confidence for clients and partners in its security and compliance posture.

Project Details