Managing spending is a top priority for executive teams across industries, and purchase price variance (PPV) holds immense significance in controlling costs. PPV measures the variation between the actual purchased price and the standard baseline price of goods and services. As a key metric for procurement teams, PPV reflects their effectiveness in delivering cost savings […]
Spend analysis in procurement is a longstanding concept, however, implementation can be difficult without the proper tools. Spreadsheets are tedious to manage and make it extremely difficult to reap the benefits. Over the years, implementing this kind of analysis has become more accessible than ever with the advent of robust procurement tools and software. The benefits […]
Procurement success is defined by the outcomes. The path to your desired outcomes may seem tricky, but Simfoni can help. Spend Visibility is the foundation of any mature procurement function because it identifies inefficiencies and areas of opportunity that lead to better decision-making and ultimately, better outcomes. While many procurement professionals understand the importance of […]
Why Is Tail Spend Management Important but Often Overlooked? Spend management refers to the process of managing company purchasing and relationships with suppliers to keep track of every dollar spent, resulting in procurement cost reduction. Spend analysis is broken down into categories (category management), and tail spend often is not included. Tail spend in procurement […]
Is Software Required to Manage Tail Spend Tail spend is also known as maverick or rogue spending, is spending that is unmanaged or unaccounted for within a company. Managing tail spend in procurement and the entire supply chain process is vital; poor tail spend management can lead to considerable loss. It’s estimated that just 80 […]
SAN FRANCISCO, CA – January 2022 – Simfoni, the world’s most accessible digital procurement vendor, today announced that it has completed its acquisition of EC Sourcing Group, an established leader in eSourcing and decision award optimization. The combination of Simfoni’s market-leading Spend Intelligence module and EC Sourcing Group’s market-leading eSourcing platform will deliver enterprise customers a unique package that enables seamless data integration in turn powering insights across the strategic sourcing lifecyle.
Top 5 Things to Know About Spend Analysis Technology Spend analysis technology allows you to take a closer look at where your money is going in the scheme of procurement management. Even if you have a tight budget you look at regularly; every company has rogue spend, unaccounted for, and indirect costs. It is much […]
Your Guide to Spend Analysis and Opportunity Assessments There are many reasons you want to run spend analysis reports, and at the end of the day, you want to improve your overall spend management and return on procurement investment or ROI. Trying to improve your procurement management process is always a distinct possibility, even if […]
How to Get the Most from Your Spend Analysis Reports Running spend analysis reports is a must in procurement, otherwise, you’ll never gain proper ROI without knowing where your funds are going and how they are being spent. If your company struggles determining spend or prioritizing sourcing events, it may make sense to use […]
How to Streamline Contracts and Procurement (During the COVID-19 Pandemic) Streamlining contracts and procurement even before the COVID-19 pandemic may have been difficult. Still, once the pandemic hit and everyone had to move to work remotely, it may have become much more difficult. As the pandemic surges on, your sourcing and contract management strategies may […]