What is the Difference Between Spot Buying and Tactical Buying Within Tail Spend Management?October 10, 2017
Continuing on in this series about how organizations can better manage tail spend, we are now turning our attention to spot buying and tactical buying. Is there a difference between these two terms, or are they one and the same...
How Important is Catalog Procurement in the Management of Tail Spend?September 25, 2017
So far in this series, we have discussed the importance of tail spend and the implications of managing it badly, and what well-managed tail spend looks like. This time around, we will consider whether procurement catalogs have an important role to play...
What Does Well-Managed Tail Spend Look Like?August 18, 2017
In our previous post, we discussed why tail spend is important, as well as the negative impact poorly managed tail spend can have on an organisation. Obviously, a well-controlled procurement “tail” is important and will have a beneficial effect on...
Does Tail Spend Really Matter?June 30, 2017
The generally accepted definition of “tail spend” is the bottom 20% of purchases made by an organization (by value, volume, or both). The Pareto rule is also usually applied to tail spend in regard to suppliers, i.e. tail spend purchases or Low Value Spend Management represent the bottom 20% or purchases, but very often 80% or so of suppliers are connected to this activity.
Evolving use of Technology and Analytics in Procurement and Supply Chain.February 16, 2017
It was a great opportunity for us to bring together a collection of interesting speakers to impart their knowledge and experience of Procurement Technology in the Middle East. On an uncharacteristically rainy February evening in Dubai, we ran the second...
Spend Analysis in 3 Easy LessonsFebruary 1, 2017
Spend analysis is an important sub-discipline of overall spend management and is primarily concerned with collecting, cleansing, classifying and analyzing procurement expenditure in order to find opportunities to improve purchasing efficiency and reduce an organization’s overall spend.
Top 3 Reasons Why Procurement Can Immediately Benefit From Reviewing Its Approach To Spend Analytics Right NowSeptember 20, 2016
We are increasingly living and doing business in a data-driven environment. This trend has affected the procurement sector as much as, or in some cases even more so, than any other business activity, and has brought with it tremendous opportunities for increased efficiency.
Enterprise Mobile Apps Will Play an Important Role in Business Development Over the Next Few YearsJuly 7, 2016
Enterprise Mobile Apps Will Play an Important Role in Procurement Spend Analytics We are now living in a world where technology, especially mobile technology, has fundamentally changed the way people live, entertain themselves, work, and conduct businesses. It seems as...
Press Release: Simfoni recognized as an innovator by Spend MattersMay 31, 2016
Simfoni is delighted to have been recognized by Spend Matters as a vendor to watch in its “50 to Watch 2016” Almanac. Spend Matters, the globally recognized procurement industry commentator, have a keen eye on what is happening in...
Unmanaged Tail Spend: Problems and Solutions : Tail Spend SolutionMay 20, 2016
Tail spend, and the importance of properly managing it, has been widely discussed on our blog and elsewhere recently. By now, most senior business managers should be aware of the concept.
3 Ways Using Spend Analytics will Increase Your Procurement EfficiencyMay 5, 2016
Most businesses, especially those with a business model that has a substantial purchasing element, can benefit from the implementation of a spend analytics system. Spend analysis is a process in which purchasing expenditure data is collected, organized, and analyzed in...
Better Tail Spend Management is a Clear Priority Among Procurement ProfessionalsMay 3, 2016
In a previous post, we looked at a study undertaken by The Hackett Group, titled: The CPO Agenda: Reduce Purchase Costs, Improve Agility, and Become a Trusted Advisor, by Patrick Connaughton and Christopher Sawchuk. This time around, we are revisiting...
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.