Simfoni just announced its inclusion in the ProcureTech 100 – a listing of enterprising digital procurement pioneers – for its leadership and expertise in Spend Automation and Tail Spend Management. Another win added to the Simfoni belt!
Much like Simfoni, ProcureTech is on a mission to accelerate and amplify the digital future of procurement – helping to solve the most pressing social, environmental and economic challenges faced by finance and procurement teams. The 2021 ProcureTech100 were carefully chosen from over 4,000 digital solutions, using enhanced data and analysis and the combined experience of over 60 procurement leaders, technology experts, and B2B investors.
This recognition underscores how transformative Simfoni’s products and services are in delivering new value to the procurement ecosystem. After all, tail spend management is not a new concept – but one that procurement (and even finance) teams continue to grapple with within the face of digital transformation initiatives, supply chain disruptions, and corporate mandates around supplier diversity and ESG. Lacking the technology, expertise, and even bandwidth necessary, most organizations fail to achieve meaningful results from their indirect spend initiatives. With the barriers to entry often too high, most procurement and finance leaders focus strategic sourcing initiatives almost entirely on optimizing management of the organization’s high-value, low transaction, direct spend.
Read More:- What is Procure to Pay – A Guide to Procure to Pay (P2P) Process
Recognizing the need for a more holistic and cost-efficient approach that simultaneously addresses the common issues of tail spend and delivers the needed resources, technology and expertise, Simfoni developed its Spend Automation platform to provide the world’s most straightforward spend management solution – streamlining the way businesses source and buy resources and supplies. Combining state-of-the-art technology with deep content and subject matter expertise, Simfoni assists procurement and finance teams in identifying significant cost savings through the digital revolution, while supporting sustainability and ESG objectives. The platform readily addresses all types of spend, however, is exceptionally valuable for teams looking for more efficient ways to manage their non-strategic, low-value purchases that sink an organization’s resources over time. Read More: – What is Source to Pay – A Guide to Source to Pay (S2P) Process
CEO of Simfoni Spend Automation, David Bush explains this in simple terms as, “Simfoni’s Spend Automation platform provides a value-driven alternative for overburdened and understaffed procurement and finance teams who spend most of their time, resources, and talent focused on the organizations high-value, strategic sourcing initiatives. With Spend Automation, organizations gain access to the tools, insights, and managed services necessary to analyze, manage, and automate high volumes of non-strategic transactional tail spend – without the substantial cost or up-front investment typically required. This is significant for organizations with constrained procurement budgets – Simfoni’s pay-as-you-save model eliminates the high-cost entry point, while helping teams to recognize substantial cost savings and economic return from their previously unmanaged tail spend.”
Learn why so many companies have turned to Simfoni to help them see and manage their indirect spend more efficiently – helping to improve spend visibility, reduce risk, identify cost reduction opportunities, consolidate suppliers and reduce transactions/transaction costs, and improve corporate compliance.
Download the ProcureTech 100 or schedule a demo with our team today. Learn how Simfoni can help you achieve your goals around Tail Spend management without having to make any costly investments in your tail spend management strategy.