Simfoni recognized in the categories of Tail Spend Solutions, Predictive Analytics, Supplier Diversity Solutions, and Operations and Savings Management
Simfoni, a leading global provider of spend management solutions, is proud to announce its successive inclusion as a Sample Vendor for Tail Spend in the Gartner Hype Cycle for Procurement and Sourcing Solutions, 2023.
In the 2023 report, Simfoni was listed in four distinct categories, including Tail Spend, Predictive Analytics, Supplier Diversity Solutions, and Operations and Savings Management.
Following a period of significant revenue growth, new investment, and product advancement, Simfoni believes that this recognition further reinforces its commitment to delivering innovative solutions that drive new heights of digital procurement transformation for customers. According to the report, procure-to-pay and source-to-pay suites continue to progress toward mainstream adoption, while new technologies emerge to innovate alongside or replace legacy mainstream solutions. According to Simfoni, its inclusion demonstrates the market’s increasing appetite for innovative technologies and approaches that go beyond legacy systems and legacy thinking to drive meaningful outcomes.
“Once again, we are thrilled to be recognized in the report. Our unique consumption-based pricing model is driving a new wave of adoption amongst a new set of customers for whom upfront license fees and implementation costs have previously been a barrier. Current market challenges around recessionary fears and supply chain complexities are also playing a large part in raising the profile of procurement technologies in the boardroom,” said Chirag Shah, Executive Chairman at Simfoni.
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As part of its commitment to push the boundaries of procurement excellence, Simfoni recently released a statement that it has joined forces with global consultancy management firm Kearney, to deliver what many expect will be the world’s most accessible and effective tail spend management program to date. Kearney identified tail spend as a major pain point for clients with traditional BPO, shared services, and payment solutions failing to address root causes and support end-user needs. Experts anticipate the combination of Kearney’s rich heritage in procurement with Simfoni’s digital tail spend solution will further cement Simfoni as the go-to provider in this maturing space.
According to Gartner, “clients use Hype Cycles to educate themselves on the promise of an emerging technology within the context of their industry and individual appetite for risk.” Gartner also states that the “Hype Cycle helps separate the hype from the real drivers of a technology’s commercial promise, reduce the risk of your technology investment decisions, and compare your understanding of a technology’s business value with the objectivity of experienced IT analysts.” **
“We are excited to be recognized by Gartner, which according to us serves as validation of the investments that have put Simfoni on the forefront of composable procurement technology,” said Ron Emma, CEO, Simfoni. “Our revolutionary technology combined with AI-enabled content and proven deep domain expertise has helped clients to maneuver complex procurement data and processes, identify opportunities to lower costs, improve efficiencies, and achieve supply chain sustainability, vendor diversity, and strategic CSR (Corporate Social Responsibility) objectives on a global scale.”
Simfoni considers the often-neglected category of Tail Spend to be an area of significant potential for clients, especially those looking to increase savings, derive new business insights, and develop new process optimization strategies. The Gartner report states that Tail Spend solutions “can unlock additional savings for the procurement organization, without adding more resources. Actively managing tail spend improves spend visibility and coverage, operational efficiency, and purchasing controls. End users can still make one-time purchases to do their jobs without adding to procurement’s workload. Integrating tail spend procurement solutions into procurement technology organizations drives purchasing policy compliance and reduces risks.”
At the core of Simfoni’s platform is its recently launched Strategic Spend Terminal, a unification of spend analytics and eSourcing capabilities that form the backbone of its “closed loop” methodology which is designed to continuously gather, analyze, and act on real-time spend data, ensuring that procurement decisions are data-driven and adaptive to changing market dynamics.
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This year, Simfoni was also added as a Sample Vendor to the Supplier Diversity category which Simfoni believes is a testament to its dedication to supporting an inclusive procurement ecosystem. Gartner states, “Interest in establishing and growing supplier diversity programs remains high despite economic uncertainty as organizations face pressure from the C-suite, employees, and customers to make more conscious business decisions. Tracking, maturing, and scaling a diversity program is difficult without the right technology to support growth and enablement across the source-to-pay (S2P) process.”
