Procurement Cost Reduction Posted by Simfoni November 28th, 2017

Procurement Cost Reduction

With a focused approach and the right tools to analyze and interpret large, disparate data sets, procurement cost reduction becomes much easier to implement and manage on an ongoing basis.

Procurement Cost Reduction

In the low growth environment that we live in in today, procurement cost reduction is frequently a key organizational priority. The ability to reduce and contain procurement costs is also very often a major factor when it comes to how a procurement team’s effectiveness is measured and perceived within the organization.

At Simfoni, we deploy our Virtuosi Analytics technology platform to assess an organization’s spend profile and run a myriad of diagnostics to identify opportunities that can generate cost reduction opportunities. Our cutting-edge data tools perform accurate and deep-level spend analysis, measure and contrast supplier data to consolidate purchasing, negotiate more aggressively, reduce or eliminate “maverick” purchases that do not comply with company rules and guidelines, and take advantage of a host of other potentially beneficial data analysis exercises, such as price variance, vendor consolidation, invoice consolidation, duplicate invoicing, normalization and benchmarking.

With the right data and the right tools to analyze and interpret it, procurement cost reduction becomes much easier to implement and manage on an ongoing basis.

Simfoni is a global leader in the analytics-driven identification of procurement cost reduction and enablement services that help you implement such opportunities rapidly and cost effectively. Contact us now to find out how we can help make your business more efficient and cost-effective.