After six consecutive years on its ’50 Providers to Watch’ list, Spend Matters has named Simfoni to the 2022 ’50 Providers to Know’ list. This recognition from an industry expert like Spend Matters is an impressive feat for Simfoni, which has grown to become a global solutions provider—combining proprietary technology with third-party capabilities to deliver insight, savings and other operational improvements to its customers around the world.
Currently the only Tail Spend Management Platform that combines all aspects of savings opportunities into a single, easy-to-use solution, Simfoni has seen a significant uptick in the traction of that solution with a strong number of new clients signing on, along with the increased interest in the practice of managing tail spend itself.
Simfoni has always been a key player in the tail spend management marketplace, which has changed dramatically since its inception in 2015. With the emergence of new automation technologies designed to streamline the entire procurement process, coupled with a renewed focus on end-to-end visibility and improved efficiency that business leaders are putting at the top of their agendas, the tail spend management market has never been stronger.
Combine that market interest with the strategic moves the company made in 2022—a key company acquisition, (Simfoni acquired best-of-breed eSourcing provider, EC Sourcing, earlier this year); expansion of AI (Artificial Intelligence) and machine learning capabilities, and a concentrated focus on bringing on talent to scale global operations over the last year—and it’s easy to see how Simfoni has stood out as a leader in the digital procurement solutions market.
In 2022, industry insiders not only took notice but showered the company with awards and recognition. Simfoni was once again lauded in the Spend Matters’ Solution Map as a Value Leader for Spend Analytics and Sourcing and was added to the 2022 Gartner® Hype Cycle™ as a sample vendor in the categories of Tail Spend Management, Predictive Analytics, and Procurement Savings Management. Simfoni was also recognized as a “Hot Company of the Year” as the 2022 Globee award winner for advancement in Artificial Intelligence.
Chirag Shah, Simfoni Founder and Executive Chairman said, “We have solidified our position in the top echelon of providers for tail spend management, completed strategic acquisitions that both complement and strengthen our suite of offerings, and have been the recipient of a litany of industry awards and acknowledgments that recognize the quality of our team, products and solutions, and company culture. Advancing to the 50 to Know is a testament to the momentum we’ve built over the last year and an exciting recognition to add to our growing list of accolades.”
Simfoni’s composable technology approach enables its clients to easily scale their operations as needed, and its innovative Pay-As-You-Save (PAYS) model helps clients mitigate risk by allowing them to pay as they go rather than committing to a large up-front investment. It also allows customers to realize a rapid return on investment that drives immediate cost savings and operational efficiencies.