Challenges organizations have to face while implementing Spend Analytics
Spend analytics should be a crucial part of any procurement strategy but implementing spend analytics in the strategy is not easy. It calls for a great deal of effort to make spend analytics a part of the organization. The economic...
What are the benefits of Spend Analytics for a company.
Spend Analytics is the study of the amount of money a company spends on products and services. Many companies spend a decent amount of money to ensure they provide their customers with the best possible product or service. However, the...
What is the importance of Spend Analysis
Spend analytics can deliver big benefits to any corporate organization. Spend analytics can help in gaining visibility to the spend data. It can help to dive deep and track the metrics of procurement performance to provide some actionable insights that...
How does Tail Spend Analytics work
Tail spend analytics is a concept that is recognized in the procurement departments yet seldom addressed, is at long last getting its chance in the spotlight. Tail spend is professional purchases, services that are outside the large purchases in the...
ROI, Today: Making the Near-Term Business Case for Spend Analytics
Most varieties of procurement software deliver some form of return on investment. Whether it’s an e-procurement system that consolidates process costs or a sourcing tool that optimizes supplier selection, successful vendors can always point to clear ways their solutions deliver...
What is Procurement Analytics? Why and how it is implemented?
What is Procurement Analytics? Procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves the capture and use of data to support fact-based decision making and gaining competitive advantage. It reports...
Why is Spend Analytics important?
Spend Analytics California State University has created a program on Spend Analytics and implemented it, presenting a clear sight to campuses and Chancellor’s Office to bring more savings. The California State University (CSU) previously identified billions of spend in 2011...
Savings Management: Methods to Save More
Savings Management in procurement refers to activities related to forecasting procurement savings based on strategic sourcing plans, mapping savings to the budget, and tracking savings realization. Before you begin generating funds, you should get familiarized with several theories that comprise...
Why a Marketplace Model is a Key Part of a Tail Spend Solution
For many procurement organizations, catalogs have become the default way to manage indirect spend. It’s easy to see why. Catalogs offer a simple way to manage recurring, low-value purchases. By grouping previously sourced categories and commonly requested items into a...
Tail Spend Technology is Not Just Available, Its On-Demand
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...
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...
Simfoni recognized at World Procurement Awards in “Best New Procurement Technology” category
The finalists for the World Procurement Awards 2018 have been released today and we are pleased to announce that Simfoni – the spend analytics and tail spend management specialist – has been nominated in the category “Best New Procurement Technology”.
Why has Simfoni been nominated for a Best Procurement Technology Award?
The finalists for the World Procurement Awards 2018 were released this week and we are pleased to announce that Simfoni – the spend analytics and tail spend management specialist – has been nominated in the category “Best New Procurement Technology”.
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;...
Spend Analytics’ in action and its benefits.
Spend analytics are basically focused on the improvements that are required to be made in the operational sector. Analytics is mainly the systematic data or the information that is received from that data. The hidden working that causes the big...