What Is Vendor Risk Management? Why And How It Is Implemented?
February 11, 2021Vendors are vital to achieving a company’s objectives because of the growing importance of contingent workers in big organizations. Depending on the size of a company, it may already be dealing with a few or perhaps hundreds of suppliers for tasks ranging from raw material and labor to fulfillment and even management. A single...
What Is a B2B Procurement Marketplace? and What are its Benefits?
February 10, 2021B2B marketplaces simplify business-to-business procurement using a digital platform designed for buyers and suppliers. The platform allows buyers to source new products and suppliers that are pre-qualified to meet the marketplace’s requirements. The procurement marketplace for B2B procurement provides information...
What is Sustainable Procurement and Why it is Important for Businesses?
February 8, 2021The progressive world of business is more concerned about social and environmental responsibilities than ever before. Businesses are more complaint and willing to understand the importance of environmental, social, and governance (ESG) problems, and for good reason. Sustainable procurement practices are beneficial for not only the environment...
What is Purchase Price Variance? Why and How is it Calculated?
December 2, 2020In Procurement, Purchase Price Variance (PPV) is the difference between the standard price of a purchased material and its actual price. In Short, Purchase Price Variance = (Actual price – Standard price) x Quantity purchased. What is Purchase Price Variance...
Spend Forecasting is the most important tool for Procurement. Why?
November 4, 2020Spend Forecasting is the most important tool for Procurement. Why? Simfoni’s Spend forecasting software combines the analysis of historical data with progressive prediction processes and business intelligence from several sources. Easily predict future profitability and create a forward-looking view on...
What is Category Management? How and Why is it Important?
October 21, 2020Category Management is a strategic approach to procurement where businesses segment their spend into areas that contain similar or related products enabling focus opportunities for consolidation and efficiency. When we think of a company and its several departments, we must...
6 Strategies to Transition from a Peacetime CPO to Wartime CPO
May 5, 2020Procurement strategies can help CPO’s make the right decisions to improve cost savings, decrease supplier risks, enhance innovation and flexibility, and heighten the influence of the procurement office throughout the company. These are times of War. Along the health front,...
Simfoni launches Spend Analytics Business Unit, Appoints Jason Stern as CEO of the Analytics and Expands US Operations to Silicon Valley
April 28, 2020San Francisco, CA – April 28th, 2020. Simfoni Limited, a global innovator in Spend Analytics and Spend Automation, announced the appointment of Jason Stern to Chief Executive Officer Simfoni Analytics, and the opening (soon) of an additional office and moving...
Simfoni offers free mapping of your COVID-19 supply risks: Read its methodology for addressing coronavirus problems
March 30, 2020In recent days Simfoni has developed a Covid-19 risk assessment dashboard to help its customers assess potential business impact arising from supply chain disruption. Given the acuteness of this situation we have decided to provide this dashboard on a complimentary...
Simfoni raises $3m to accelerate US expansion of its Spend Analytics and Spend Automation Platform
January 27, 2020Simfoni, a next generation digital solutions provider for spend analytics and buying automation, today announced that it has raised $3m in Series A financing. The investment was led by BOOST&Co, a global leader in Venture Debt with support from private...
What is Spend Analytics Dashboard
October 13, 2019Spend Analytics Dashboard is an interactive dashboard that provides knowledge into an organization’s procurement activities and expenditures. It allows the organization to identify areas for cost reduction and process improvement. Additionally Spend Analytics Dashboard helps in the process of analyzing...
How does the Simfoni Procurement Dashboard work
October 13, 2019How do procurement dashboards help companies in any industry track KPIs, perform spend analysis, identify savings opportunities and implement cost reduction strategies to improve their business? Improve Compliance Rate The compliance rate is how completely companies fulfill their contractual agreements...
We’ve been at this for a long time. And we recognize procurement is more than just finding an item at the cheapest price. We all need to see spend differently. Responsible sourcing and sustainable procurement are not a sidebar, they are at the core of the job. And to do this job well it takes technology + humans. Simfoni is here to bring opportunity, balance, impact and control to your procurement team and process. We are here to help you see spend differently.
