History of Simfoni—Spend Analytics
In 2015, Tail Spend was a largely ignored category due to challenges in managing it in a cost-effective manner. We recognized that this category was the last mile in sourcing and felt there was a better way. Bringing machine-learning driven automation and marketplace technology into this category represented a unique value proposition and an opportunity to help organizations manage their Tail Spend and control many suppliers.
However, to effectively manage this spend category as a service, Simfoni needed a Spend Analytics tool that could deliver an extremely granular classification with a quick implementation. Simfoni initially partnered with many of the leading analytics vendors but found that their legacy platforms lacked the capability to incorporate modern, AI-driven algorithms to generate the detailed visibility that we required. Also, they lacked the procurement expertise to understand how to generate insights to power the tail spend solution.
Instead we decided to build a better ‘mouse-trap’ and Simfoni Analytics was born. By building the tool from scratch with state-of-the-art Artificial Intelligence techniques at the core of the solution, Simfoni was able to solve the legacy issues of the traditional Spend Analytics products.
By 2018, Simfoni was profitable and doubling every year. Spend Analytics was being offered within the Spend Automation business and was extremely effective in identifying opportunities in the client's data and delivering value in both Tail Spend Management and eProcurement.
However we were so excited about the success of the Spend Analytics development that we decided to release the product to be sold directly to large enterprise customers who could use it to derive insights across their entire procurement spend, as well as other parameters such as supply risk, vendor diversity, and much more.
Today, Simfoni Analytics has been deployed globally by 100’s of customers. It is considered the most innovative, best-of-breed product in the market. It is licensed directly to both large global companies and leading procurement consultancies. Industry analysts consistently recognize Simfoni Analytics as a leader in both capabilities and customer satisfaction.