Simfoni took home the prestigious award for ‘Best Procurement Consultancy’ for a complex Spend Analytics Project during the CIPS Middle East Supply Management Awards 2021 which was hosted virtually on Tuesday 9th February and moderated by Sam Achampong, Head of CIPS MENA.
Group CEO of CIPS – Chartered Institute of Procurement and Supply, Malcolm Harrison also gave a welcome speech from the UK to kick off the virtual awards event.
The award was revealed and presented by Mohamed Bahzad – Secretary General for the Bahrain Tender Board who commented:
‘’The winner of this category impressed the judges, with the collaborative nature of the relationship with the client and partner to uptake a complex issue and simplify it to enhance future business decisions. And the winner is…. SIMFONI’’
Andrew Spafford, Commercial Director of Simfoni was brought in to accept the award and issued a statement of gratitude:
‘’Thank you very much Sam. Thank you very much for recognising Simfoni with this prestigious award. Managing complex data from multiple systems is not easy and for each client it is always a critical project that needs to be done quickly and accurately. It is always a team effort and I am very proud of the Simfoni team that always puts the customer goals first and work tirelessly behind the scenes to deliver the expectations. I would also like to thank our amazing client, Dubai Holding for awarding us this work in the first place and being a sensational partner over the many years.’’
About the project:
Simfoni designed an Analytics platform for global investment firm Dubai Holdings’ (DH) procurement team, which is used to bring greater visibility to the firm’s spend and identify opportunities for efficiencies. The spend management dashboard presents a visual into more than AED24bn in spend, 2.26 million transactions and over 200 business units, helping to locate cost savings, review supplier performance, and investigate areas such as contract compliance and duplicate payments. The cloud-based system, which uses machine-learning algorithms to collect and categorise data, helps free up resources and time for Dubai Holding’s staff, so they can work more efficiently. Extending across eight diverse business divisions, from construction, to hotels and radio, the platform has been commended for its flexibility, adaptability to specific requirements, and the level of procurement expertise embedded in the system which can assist users. Simfoni’s Analytics platform has therefore enabled Dubai Holding’s procurement department to make data-driven decisions that improve operations, including consolidating categories by 40%, developing savings plans to cut over AED100m per year, and remove 40% of external spend.
Executive Chairman of Simfoni Group – Chirag Shah expressed his joy on this win:
‘’We are so proud to be conducting Spend Analytics for Cory Thwaites FCIPS (Executive Director Procurement at TECOM Group) and his Procurement Team at Dubai Holding Asset Management contributing to improvements in effectiveness and efficiency at one of the leading corporations in the MENA region. Thank you so much to the Simfoni team as well for their continuous hard work and commitment to customer excellence. It is fantastic when the quality of our work is recognised by the esteemed Global Professional Body for Procurement and Supply – CIPS: The Chartered Institute of Procurement & Supply.’’
About Simfoni Group:
Simfoni delivers next-generation digital transformation through spend analytics & buying automation. Simfoni’s mission is to combine Technology, Content, and Enablement Services that work seamlessly to drive operational improvement and unparalleled savings.
Spend Analytics: Simfoni offers a new breed of Machine Learning enabled Spend Analytics / Spend Analysis built for procurement professionals by procurement professionals. Our proprietary analytics platform helps organizations gain insights from their data and unearths savings using machine learning and interactive visualizations. Request a spend analysis demo.
Spend Automation: Simfoni spend automation features a powerful combination of technology, expertise, and sourcing network. Using predictive buying algorithms, we have delivered up to 23% in savings and over 30% in supplier reduction to our clients. Our guided buying module which includes a marketplace consisting of pre-negotiated deals in a wide variety of categories and from many listed suppliers. We help our clients go from a long, non-addressed tail spend to a compressed, well negotiated, and managed spend, reducing suppliers and transactions, improving savings, and eliminating risks.
Savings Management: Sourceforce App helps you transform the way you plan, manage, and report your procurement savings. Sourceforce App has built-in analytics and reporting functionality for Procurement Project Management and Savings Tracking. With a push of a button, you can clone projects, save them as templates, and collaborate with your team. Learn how Sourceforce helps you track and deliver savings when it matters the most.