{"id":29360,"date":"2018-03-20T03:57:00","date_gmt":"2018-03-20T08:57:00","guid":{"rendered":"https:\/\/simfoni.com\/?p=29360"},"modified":"2022-02-24T04:39:18","modified_gmt":"2022-02-24T09:39:18","slug":"why-has-simfoni-been-nominated-for-a-best-procurement-technology-award","status":"publish","type":"post","link":"https:\/\/simfoni.com\/procurement-technology\/why-has-simfoni-been-nominated-for-a-best-procurement-technology-award\/","title":{"rendered":"Why has Simfoni been nominated for a Best Procurement Technology Award?"},"content":{"rendered":"

The finalists for the World Procurement<\/strong><\/a> Awards 2018 were released this week and we are pleased to announce that Simfoni – the spend analytics<\/a> and tail spend management<\/span><\/span><\/a> specialist – has been nominated in the category “Best New Procurement<\/a> Technology”<\/strong>.<\/p>\n

Simfoni has been shortlisted in the category “Best New Procurement Technology” for its submission relating to Vitesse – the market-leading innovative tail spend management<\/span><\/span> solution. Tail (or non-core) spend management<\/span> is rapidly emerging as one of the most exciting areas of procurement focus in recent years as advances in new technology – such as robotic process automation (RPA)<\/span> improve organizations’ effectiveness in tackling this difficult to manage the area.<\/p>\n

Simfoni recognized a gap in the market for a solution to manage spend that lies between strategic and catalog spend. This “tail spend<\/span>” is not well served by current solutions, and is notoriously difficult to manage.<\/p>\n

When procurement tackle tail with a strategic sourcing<\/span><\/strong><\/a> approach, they find that it drags buyer<\/span>s away from strategic spend. The alternative is to devolve responsibility to the user, which speeds up the process but generates an even longer tail of one-time vendors, which is expensive to manage, but importantly, spend is not leveraged and competed.<\/p>\n

Tail spend<\/span> represents an opportunity goldmine. When you add spot buy purchases to tactical spend, plus low-value adhoc spend, then you realise why tail represents 30% – 40% of spend for some organisations, yet it often flies under the radar due to its nuisance factor.<\/p>\n

Read More:- AI in Procurement<\/a><\/strong><\/p>\n

Vitesse stands for Vendor Integrated, Tail-End Spend Sourcing<\/a> Engine and is a purpose-built platform for Tail Spend<\/span> that automates rapid sourcing activity. Vitesse includes tactical buying software with pre-installed vendor content customised by category and region, with a database of 1m+ deals for frequently requested items.<\/p>\n

Deployment leads to a) Significant reduction in purchase cost, b) Reduction in process and management costs, c) Reduction in vendor management costs, and d) Improved compliance and spend visibility<\/span>.<\/p>\n

Vitesse is available as an On-Demand platform, which is how mid-sized organisations deploy the service, with minimal, or zero systems integration and an immediate ROI on day one of usage. Vitesse is also offered as a mobile app enabling users to raise requests on the go and add images using their smartphone.<\/p>\n

Enterprise clients with existing ERP\/P2P<\/a> functionality deploy Vitesse as a punchout when the item or service is not found in their existing catalogs.<\/p>\n

Simfoni’s Vitesse Tail Spend<\/span><\/strong><\/a> solution is a purpose-built platform blending buying automation software, vendor & pricing content and category expertise to help organizations to reduce non-core expenditure, reduce the management cost, speed up the user experience, increase transparency and reduce vendor risk.<\/p>\n

Contact us today to know more about how Simfoni’s technology and processes can help you in tail spend management<\/span><\/span>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/span><\/span><\/span> specialist – has been nominated in the category “Best New Procurement Technology”.<\/p>\n","protected":false},"author":1,"featured_media":29361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"footnotes":""},"categories":[2529,439,1],"tags":[472,471,469,474,470,473,475,463],"class_list":["post-29360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-events","category-procurement-technology","category-spend-analysis","tag-contract-analytics","tag-contract-management","tag-procurement-analytics","tag-procurement-analytics-software","tag-procurement-cost-reduction","tag-procurement-savings","tag-procurement-software","tag-procurement-technology"],"yoast_head":"\nWhy has Simfoni been nominated for a Best Procurement Technology Award?<\/title>\n<meta name=\"description\" content=\"Procurement Technology - 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The platform combines advanced spend analytics, intelligent sourcing automation, and tail spend management to enable procurement teams to identify savings opportunities, execute sourcing strategies efficiently, and improve supplier performance across global operations. Built for modern procurement organizations, Simfoni supports Chief Procurement Officers, strategic sourcing leaders, and finance teams who are responsible for driving cost optimization, supplier governance, and operational efficiency. By consolidating procurement data across multiple systems and suppliers, Simfoni provides a unified view of enterprise spend and enables organizations to prioritize sourcing initiatives that deliver measurable savings. Simfoni\u2019s platform integrates spend intelligence with automated sourcing execution, allowing procurement teams to scale sourcing activities without increasing headcount. The system helps organizations manage indirect spend, improve supplier engagement, and strengthen procurement governance through data-driven decision making. 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