Simfoni, the next-generation digital solutions provider for procurement intelligence and spend automation today announced it has retained its position as Value Leader in the Fall 2022 Spend Matters Solution Map in the categories of Spend Analytics and Sourcing. This marks the seventh consecutive year Simfoni has been ranked a solution leader in these respective categories.
Known as the most rigorous, data and intelligence-based assessment of procurement technology functionality in the industry, SolutionMap contains 500+ RFI requirements across 10 source-to-pay (S2P) modules and suite categories, highlighting the definitive capabilities of each participating vendor. Customer feedback and analyst scoring, together, factor into the overall vendor rankings. According to Ron Emma, Simfoni CEO, Strategic Spend, “We are very excited to see Simfoni retain its position as a value leader on the 2022 SolutionMap for Spend Analytics and Sourcing. While we continue to appreciate the support and recognition from industry-leading experts, like Spend Matters, having our customer’s experience weigh into these rankings makes the results even more meaningful to us. It signifies that we are continuing to deliver on our commitments to our clients, and they are receiving the value and anticipated benefits from using our solutions.”
Additionally, Simfoni was also included in Spend Matters’ newly launched Carbon Management module for its rapid procurement technology selection tool, TechMatch. Procurement teams are increasingly tasked with reducing “upstream Scope 3 emissions,” and it takes a massive effort to assess the carbon footprints supply chains create. So, Spend Matters has developed Carbon Management TechMatch to help procurement organizations efficiently and effectively identify their best-fit carbon management tool.
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Over the past year, Simfoni has made several strategic technology investments aimed at accelerating machine learning and artificial intelligence capabilities across its suite of composable spend management technology solutions, including eSourcing, Spend Analytics, and solutions for Tail Spend management. In January, Simfoni announced the acquisition of EC Sourcing Group, a distinguished leader in eSourcing technology, and integrated its optimized sourcing technology into Simfoni’s own suite of world-class spend management tools. “Our eSourcing Award Optimization tool is redefining the way that procurement leaders manage award decisions, giving clients the tools they need to rapidly drive the outcomes that matter most to their organization in minutes,” said Emma.
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Simfoni was also recently recognized by Gartner in the 2022 Hype Cycle for Procurement and Sourcing Solutions, as a Sample Vendor for Tail Spend Management, Predictive Analytics, and Procurement Savings Management, and received the 2022 Gold Globee Award for Innovation and Advancement in Artificial Intelligence for Spend Analytics.
Machine learning is quickly gaining a prominent role in Simfoni’s procurement solutions, allowing for customer access to fully categorized spend data, faster, with more accuracy, and with less human intervention than ever before. With detailed, authentic, and up-to-date spend data, Simfoni customers are able to make better data-driven decisions in support of short and long-term strategic objectives.
