5 Tips for Getting Your Tail Spend Under Control
When procurement professionals debate tail spend, they are often referring to non-strategic purchases that account for 10%-20% of an organization’s indirect spend. Large global enterprise businesses often have thousands of low throughput ‘tail’ suppliers supplying low-value purchase items, from copy...
The Uberization of Procurement Tech
This article is for: CEOs, CFOs, and CPOs trying to do more with less, looking to identify and unlock hidden value in their businesses or drive digital transformation without large budgets. Topics Covered: Procurement Strategy, Immediate ROI, Consumption-based Pricing, Uberzation...
What is Business Impact Analysis? Why and How it is Implemented?
Business Impact Analysis is a method to predict the consequences of disruptions to a business and its processes or systems by collecting relevant data that can be used to develop strategies for the business to recover in the case of...
How to Quickly and Successfully Manage Indirect Spend
In a recent article in Forbes “Follow the Money: Five Ways to Improve Your Bottom Line By Taking a Closer Look at Spending Habits.” Jason Stern outlined the key areas to focus on to improve profitability through Spend Management. Building...
Can companies REALLY ‘do more with less’ and still thrive?
This article is for: CEOs, CFOs and CPOs trying to do more with less, looking to identify and unlock hidden value in their businesses or drive digital transformation without large budgets. Topics Covered: Procurement Strategy, Immediate ROI, Spend Analytics/Intelligence, Private...
Simfoni Raises $15 Million in Series B Funding to Support Rapid Growth and Expansion of Next-Generation Procurement Platform
Award-Winning Platform Fuses Data, Technology, Content and Services Simfoni, the next-generation digital solutions provider for Spend Intelligence and Spend Automation, today announced that it has raised a total of $15 million in Series B funding led by Peakspan Capital. With this...
What is Supplier Management? Why and How it is Implemented?
In Procurement, Supplier Management refers to the meticulous process of managing and improving interactions with third-party vendors that provide goods or services. This includes assessing the suppliers’ strengths and capabilities in the entire lifecycle of a supplier in an organization...
Simfoni Announces Achievement of SOC 2 Type I Certification, Boosting Its Commitment to Security
Simfoni, a global innovator in Spend Analytics and Spend Management, proudly announces today it has completed its Service Organization Control (SOC) 2 Type 1 examination. The audit was conducted by Assure Professional, a leading cybersecurity, assurance, and compliance solutions provider,...
What Is Vendor Risk Management? Why And How It Is Implemented?
Vendors 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?
B2B 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?
Environmental, Social, and Governance (ESG) responsibility has rapidly scaled the list of corporate priorities in recent years, and for good reason. Sustainable and socially conscious procurement practices are beneficial for the environment and society, but also directly benefit the business...
What is Purchase Price Variance? Why and How is it Calculated?
In 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?
Spend 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?
Category 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...
Simfoni Named a 2020 Spend Matters Provider to Watch
Spend Matters once again named Simfoni Analytics in its prestigious, 7th annual “50 Providers to Know/50 Providers to Watch,” list for an impressive fifth consecutive year. Spend Matters compiles the top 50 list from its Almanac containing 450+ vendor descriptions...