Earlier this year, Simfoni was recognized in Gartner Hype Cycle for Procurement and Sourcing Solutions, 2022 as a Sample Vendor for Tail Spend Solutions, Predictive Analytics, and Procurement Savings Management. According to Gartner, clients use Hype Cycles to learn about the possible benefits of emerging technology within the context of their industry and to decide if it fits their risk tolerance. Gartner also states that the Hype Cycle helps separate “hype” from substance—the real drivers of a technology’s commercial promise to deliver outcomes in the years to come.
The often-neglected category of Tail Spend (the low-value spend items that are non-core but still essential to the smooth operation of an organization), is an area of specific focus for the company, which Simfoni considers a testament to its recognition in this report. According to Gartner, the business impact of Tail Spend solutions is that they “can unlock additional savings for the procurement organization, without adding more resources. Actively managing tail spend improves spend visibility and coverage, operational efficiency and purchasing controls. End users can still make one-time purchases to do their jobs without adding to procurement’s workload. Integrating tail spend procurement solutions into procurement technology organizations drives purchasing policy compliance and reduces risks.”
According to Gartner, it is anticipated that tail spend solutions will reach mainstream adoption in the next 5-10 years.
“We are excited to be recognized by Gartner which to us serves as validation of the investments that have put Simfoni on the cutting-edge of composable procurement technology,” said David Bush, CEO of Spend Automation, Simfoni. “Our revolutionary technology combined with AI-enabled content and proven deep domain expertise has helped clients to maneuver complex procurement data and processes, identify opportunities to lower costs, improve efficiencies, and achieve supply chain sustainability, vendor diversity, and strategic CSR objectives on a global scale.”
Gartner Hype Cycles are graphical representations of the life cycle stages a technology goes through—from conception to maturity and widespread adoption. Published on August 1, 2022, the report states, “As sourcing and procurement organizations face pressure to deliver on cost control and collaborate better with stakeholders, investing in emerging technologies can help increase automation, collaboration, and agility. “Application leaders can use this Hype Cycle to understand emerging technologies for sourcing and procurement and weigh their maturity and estimated benefit levels against more established solutions when making investment decisions.”
Gartner clients can access the full report here.
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