CIO Bulletin

Simfoni – Delivering composable spend management technology solutions to help you see, source, and manage spend differently.

When you are running a business, whether it is operating on a small scale or a large scale, there would be numerous sorts of expenses that it has to go through and measure on the daily level, monthly level, quarterly level, and per year basis. There are three more types of spending that a business has to bear including start-up expenses, business assets, and improvement spending. The start-up cost is spent only once or just when something new is required to be introduced. Next is the asset cost, these spending or expenses can be related to the cost for which the equipment and the place are bought such as computers, furniture, property, equipment, vehicles, etc. Then we have improvement spending. These spending are continuously required in business. Now, management of all the aforesaid spending is known as Spend Management. An effective management process assists businesses to bolster control of their purchases. It maximizes the ROI of every buck spent and optimizes supplier connections.

Planning, budgeting, requisition processing, sourcing, and contract management are essential elements of definitive spend management. Besides procurement, spend management is also concerned with external and internal stakeholders who are accountable for plotting and budgeting future profitability.

Simfoni is one such company that provides Spend Analytics, eSourcing, and Tail Spend Management solutions to leading global enterprises. The Simfoni platform utilizes machine learning and artificial intelligence to accelerate and automate key aspects of the procurement process, saving customers time and money and paving the way toward supply chain sustainability. With offices in the USA, Europe, Australia, and the Middle East, Simfoni works with its customers and the wider vendor community to improve vendor diversity and achieve strategic corporate social responsibility objectives.

Leveraging composable, on-demand spend management services

Simfoni Spend Analytics: It delivers intuitive and easy-to-use dashboards that help the user to visualize ALL spend in one location. Simfoni quickly aggregates and classifies data from all locations and data sources, and can even integrate third-party data to provide you with the richest and most meaningful insights possible. With powerful machine learning and advanced AI capabilities, Simfoni Spend Analytics transforms and supercharges the classification process – classifying thousands of records per minute – to provide you with more accurate visibility, faster than ever before. Spend analytics creates transparency that goes beyond spend and cost. It can highlight supply-market exposure and associated risks, helping to highlight elements of your supply chain that could be at risk.

Fuse ML and deep domain expertise to interrogate spend data and rapidly identify savings opportunities. Simfoni spend analytics helps you prioritize sourcing initiatives and create savings estimates by spend category. Benchmark your data against aggregated category data sets to create meaningful savings targets, gain insight into trends, and uncover how your suppliers perform against best-in-class organizations. Simfoni's PPV dashboard ensures you always have a pulse on price variations for any item across any supplier. Estimate potential savings, track prices over time, and easily detect inconsistencies across your supplier network. Simfoni’s P-Card dashboard is designed for better control and management of your p-card spend. With easy-to-understand reports, Simfoni helps internal stakeholders to quickly identify and manage out-of-compliance spending.

Esourcing: Simfoni Spend Analytics delivers intuitive and easy-to-use dashboards that help the user to visualize ALL procurement spend in one centralized location. With deep spend insights at your fingertips; you can strategize your sourcing events to ensure you are going after the right events, at the right time to ensure the highest level of savings impact for your organization. Start saving sooner by letting Simfoni identify savings opportunities. Review them for estimated savings, ease of completion and alignment with corporate targets. Simfoni's integrated sourcing pipelines allows you to track category-specific sourcing initiatives to help you stay on track with planned savings targets.

Simfoni eAuction helps buyers identify cost savings opportunities, drives competition amongst suppliers, and ultimately helps users achieve better pricing and terms for goods and services. Leverage advanced algorithms and data analytics to make better procurement decisions. Decision optimizations help organizations optimize various aspects of the procurement process such as sourcing, supplier selection, inventory management and cost optimization. Savings tracking helps organizations capture, analyze, and record procurement-related savings including direct and indirect spend, contract compliance, and supplier performance. Track savings over time, identify trends and patterns and evaluate the impact of your procurement initiatives.

Tail Spend Management: There are many reasons spend ends up in the long tail, and therefore a multi-faceted solution is required to better facilitate those transactions. With a flexible blend of Simfoni Spend Automation technology and services, procurement can successfully address many root causes of tail spend. Facilitating supplier payments and user-led sourcing makes it possible for procurement to close the loop on tail spend, guiding transactions that have evaded management in the past and preventing the initiation of rogue purchases in the future. With an ecommerce-like front end and robust data management back end, all users can be equally supported and empowered.

Democratize the capabilities of the Buy Desk so individual users can benefit. Support buyers with a full-service option that allows everyone to focus on what they do best. Harness the additional visibility gained through Spend Automation by routing spend into the Sourcing Pipeline for value-driven action Simplify the process of managing supplier invoices and payments while increasing visibility into the process for maximum clarity and trust. Harness the additional visibility gained through Spend Automation by routing spend into the Sourcing Pipeline for value-driven action.

Ron Emma | Chief Executive Officer