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 […]
Not all procurement and eSourcing software are created the same—perhaps your current solution lives up to expectations in some areas but the eSourcing module isn’t quite what you need. Maybe it’s overcomplicated, delivering a poor user experience and mountains of frustration for your team—after you’ve just spent mountains of cash to acquire it. This is […]
Spend analysis is a process that identifies, cleans, categorizes, and analyzes your business spend data. . However, there is more to this question than meets the eye. The process of spend analysis has specific goals of efficiency and saving money by increasing visibility into spend, which can decrease overall procurement costs. Read on to learn […]
Spend analysis in procurement has always been an imperative, playing a vital role both in procurement management and the supply chain. So, what is it? It is a process that identifies, gathers, cleanses, groups, categorizes, and analyzes your company’s spend data that leads to obvious benefits, such as saving money and boosting ROI, but the […]
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 […]