Simfoni– Delivering next-generation digital transformation through spend analytics and buying automation

Spend analytics is a process that can help an organization in optimizing the performance of the supply-side by assimilating data from the value chain of the enterprisers by enabling the executives of the organization, managers, and employees that can make well informed and actionable decisions for the betterment of the organization. It can deliver significant benefits to any corporate organization. Spend analytics can help in gaining visibility to spend data. It can help dive deep and track the metrics of procurement performance to provide some actionable insights that can help identify the opportunities for consolidation. Cost reduction is being the main focus of organizations. Many organizations are spending more time on the process of spend management. They are trying to analyze their spending patterns because this can help in identifying better opportunities for savings. Spend analytics can help assess an organization's expenditure with the linked questions, for example, who, what, why, when, where, etc.

Simfoni is one such firm that provides spend analytics and spend automation products to leading global enterprises. Its products provide rapid time to value through machine learning and artificial intelligence that accelerate and automate critical aspects of the procurement process. Customers save both time and money, as well as identify strategies to reduce risk. A global business with regional headquarters in the USA, Europe, Australia, and the Middle East, Simfoni works "in harmony" with its customers, business stakeholders, and vendor communities.

Next-generation services

AI-Powered Spend Analytics: Simfoni's AI-powered spend analysis software rapidly delivers detailed, accurately classified spend data from multiple sources. The out-of-the-box dashboards provide actionable insights to easily identify cost savings, supplier risk, and supply chain optimization. It uses the power of AI Machine Learning and Natural Language Processing to automate loading and data refresh processes. Its AI automatically validates, cleans, and classifies data from many sources, including Invoice line items, Purchase Order details, P-Card, and Travel. Simfoni Analytics enables you to analyze 100% of spend–direct and indirect-from all your systems.

Simfoni Spend Analytics has out-of-the-box dashboards to visualize all procurement areas and provides extreme filtering to focus on areas that impact your company the most. Whether you are a category manager, sourcing specialist, or procurement professional, Simfoni Analytics provides data management, opportunity assessments, and actionable insights for data-driven procurement decision making.

Automated Opportunity Assessment: Simfoni's Opportunity Assessment is based on years of procurement experience and 100's of customers. The firm compares your detailed spend data with its proprietary benchmark pricing data and proven industry data, instantly identifying savings opportunities. They generate a detailed list of sourcing events and a wave plan for your procurement team to execute and achieve tangible savings. Granular data leads to drill-down charts that illuminate spend in ways you didn't think possible. Out-of-the-box, configurable dashboards quickly provide insights into all areas of procurement, allowing you to manage to spend and supplier risk across all parts of the organization

Supplier Optimization: Purchasing quality products for fair prices may seem like magic to most people, but procurement professionals work hard to get the best product, terms, and prices. Because the Simfoni Analytics analysis provides classification to level 4+, procurement professionals have increased visibility into equivalent products and comparable suppliers. With supplier visibility in the Commonality Analysis Dashboard, product volumes and suppliers can be consolidated for maximum benefit across business units.

Spend Management and Automation: Simfoni Spend Analytics is a great way to understand where and how much you spend. The insights and opportunities highlight where changes to make a big difference. The Spend Analytics is also available as part of the Simfoni Spend Automation Platform, a full-featured sourcing solution to assist with all your procurement needs. It provides eProcurement automation technology with built-in catalogs and pre-vetted vendors, automated workflows, and access to strategic sourcing specialist to handle special purchases.

KPIs, Budgets, and Forecasting: Thanks to advanced Machine Learning models, the predictive forecasts help you proactively budget and plan procurement activities months. The firm gives you the ability to see what is coming around the corner ahead! Spend Intelligence for the future, based on the collective past, is what Simfoni brings to customers' table. The dedicated forecasting module applies statistical calculations on the past spend patterns and market intelligence to create forecast scenarios.

Jason Stern, Chief Executive Officer

"Industry analysts consistently recognize Simfoni Analytics as a leader in both capabilities and customer satisfaction."