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 […]
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. […]
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.
Spend Analysis in Supply Chain Management The broader picture beyond procurement is the supply chain, as procurement (or purchasing) is just one step in the supply chain. Fundamentally, the goal of the supply chain is to take raw goods and materials and, in the end, have a finished product that a consumer or end-user desires. […]
5 Tips for Your Procurement Spend Analysis Running regular procurement spend analysis reports can be helpful when cutting costs and seeing exactly where spend is going. Reports should be an integral part of your software suite, and you should have a procurement spend analysis dashboard readily available. That doesn’t mean the report comes out with […]
What is the Procurement Spend Analysis Process? Spend analysis is one of the most important pieces of procurement management. Spend analysis will give you an honest insight into spend, how you can make significant changes, how you can decrease costs, and improve relationships with your suppliers. However, it’s always good to take a look at […]
How to Customize Your Procurement Spend Analysis Dashboard One of the most important functions in procurement management is the procurement spend analysis process. This is where you will take a deep look at how your organization spends money, but performing an excellent spend analysis does much more than that. Having a procurement spend analysis dashboard […]
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 […]