What Exactly Is in the Tail Spend?
At a headline level, I think most procurement folks are now familiar with the concept of tail spend: the low-value spend items that are non-core but still essential to the smooth operation of an organization.
Technology to Solve Procurement’s Persistent Tail Spend Problem is Available.
Tail spend frustrates many procurement groups. It’s messy, it’s complex and it’s time-consuming to tackle. Inking big deals and keeping stakeholders happy seem like far better priorities for the typical category manager, since that’s how he can turn executive heads...
Tail Spend is too good to be true – and that’s a problem!
Simfoni manages tail spend for clients all over the world and across many different industries. But regardless of geography or sector, I have gained 2 important insights that are vastly out of sync with the common theory about tail spend;...
Why Mid-Size Companies Need On-Demand Solutions to Conquer Tail Spend
Procurement has firmly entered the tail spend era, and with necessary tools now available to tackle this persistent purchasing problem, supply organizations are finally consolidating costs, cracking down on unauthorized spend and clawing back lost time to deliver real value to...
Simfoni Tail Spend team delivers OS&E packages for the Louvre Abu Dhabi Museum
Simfoni Tail Spend managemnt team of professionals were given responsibility to source a wide range of Operational Supplies and Equipment (OS&E) and Furniture Fittings and Equipment (FF&E) for the new Louvre museum in Abu Dhabi, which opens its doors to...
How Important is Catalog Procurement in the Management of Tail Spend?
So far in this series, we have discussed the importance of tail spend and the implications of managing it badly, and what well-managed tail spend looks like. This time around, we will consider whether procurement catalogs have an important role to play...
What Does Well-Managed Tail Spend Look Like?
In our previous post, we discussed why tail spend is important, as well as the negative impact poorly managed tail spend can have on an organisation. Obviously, a well-controlled procurement “tail” is important and will have a beneficial effect on...
How to Properly Manage Tail Spend.
We are going to turn our attention to manage tail spend in such a way that “hidden” value is unlocked and costs are reduced using Tail Spend Automation. In the first four articles in this series, we looked at the...
Why it is Important to Properly Manage Tail Spend – (Part 3)
Just about every person in the business community is familiar with the Pareto Rule, also known as the 80/20 rule, i.e. that approximately 80% of a business’s sales and profits will come from approximately 20% of sales or customers. When...
What is Tail Spend Management and Why Does it Matter to a Business?
Tail spend refers to all the unmanaged high-volume and low-value transactions that take place within an organization. Tail Spend Management Solutions by Simfoni actively manages maverick spending by consolidating 80% of suppliers who account for 20% of procurement spend and...