High-quality spend data is essential for any business looking to optimize its procurement processes. However, achieving this can be challenging. Procurement data, and in particular indirect, or ‘tail spend,’ can be difficult to manage. If left unchecked, this can lead...

In our previous two installments, we’ve discussed the spend-under-management (SUM) framework. Specifically, how it provides executives with a simple outcome-based model that drives the necessary organizational changes needed within the procurement function to capitalize on unrealized savings. SUM transforms what...

In our last post, we discussed adopting spend under management (SUM) and the first of the five principles: Spend Under Management Part One: Connecting Procurement to Your Core Business Spend Under Management Part Two: The 5 Key Principles of Proper...

Procurement is still often seen as a non-strategic back-office function. This is because practitioners often focus too narrowly on measuring cost savings directly from sourcing initiatives and lose sight of how those initiatives impact core financial metrics—such as total cost...

NOT JUST A BUZZWORD—HERE ARE 3 WAYS MACHINE LEARNING HELPS MANAGE SPEND Simfoni.com Tweet When running a successful business or organization, the bottom line is everything. That’s why classifying spend and keeping track of where the money goes after it leaves your organization’s...

All companies are navigating an uncertain market due to high inflation, which challenges the traditional ways companies typically seek out savings. While inflation usually eats into their bottom line, some companies see it as an opportunity to create a competitive...