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 […]
7 Essential eSourcing Tools for 2022 eSourcing is such an essential part of procurement. When eSourcing is optimized, it can positively affect procurement and the overall supply chain. So, what is eSource? eSourcing is sourcing done digitally—tools that aim to simplify, streamline, and improve procurement and strategic sourcing overall.The eSourcing software you use is also […]
How Can Sourcing Be Improved? Sourcing is a vital piece of procurement and the overall supply chain itself. However, just about anything can be improved upon, and sourcing optimization and optimized operations can help streamline the process. eSourcing (sourcing digitally) is a clear choice to improve sourcing, and eSourcing software with features such as a […]
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 […]
eSourcing Software: How to Get the Most from Your Solutions If you’re wondering, “what is eSourcing?” generally speaking, eSourcing is a collection of web-based, interactive software that both improves strategic sourcing by strengthening relationships with suppliers and also helps simplify and streamline the procurement process overall. eSourcing is a dependable way to use software to […]
What is Optimized Sourcing? eSourcing is an essential piece of how to optimize the procurement process, as the process deals with finding, selecting, collaborating, and evaluating current and potential suppliers. Sourcing optimization refers to sourcing and awarding with more precision, using software, mathematical models, and analytics to determine the best award mix for your operational […]
How to Get the Most From Your eTendering Process What is eTendering? eTendering refers to the process of conducting procurement online using a digital framework. No software is stored remotely on the computers of the buyer and supplier, and everything is stored in a web-based software system. The benefits of an eTendering system are many. […]
Reverse Auction Software Applications: What You Need to Know In all types of reverse auctions, the buyers and suppliers use cloud-based software for the bidding process. But, what does that exactly mean? Read on to learn more. What Is a Reverse Auction? A reverse auction is a type of auction where the buyer and seller […]
How to Get the Most from Reverse Auction Software What Is a Reverse Auction and What Is Reverse Bidding? A reverse auction is an important part of procurement as procurement is vital throughout the entire supply chain. Reverse auctions are becoming more widely used because of their advantages, even for suppliers. A reverse auction is […]
30 Days Closer to Spend Excellence I’d thought I share my thoughts after being part of the Simfoni family for 30 days. As you might expect, selling your 21-year-old business is sort of like selling your favorite putter or wedge – well, if you’re a golfer like me. It’s the strangest feeling in the world. […]