Procurement compliance plays a crucial role in ensuring that organizations adhere to strict guidelines and regulations while acquiring goods and services. This not only safeguards a company’s reputation but optimizes operations and drives cost savings. But to achieve actual compliance in sourcing and procurement, it is important to take certain steps that go beyond just […]
Procurement success is defined by the outcomes. The path to your desired outcomes may seem tricky, but Simfoni can help. Spend Visibility is the foundation of any mature procurement function because it identifies inefficiencies and areas of opportunity that lead to better decision-making and ultimately, better outcomes. While many procurement professionals understand the importance of […]
Do You Know Specifically Where 80% of Your Spend is Going? I often start a conversation with a client or prospective client with this question: “If you knew where 80% of your spend was going, how much better would your results be?” Almost every person has responded that they would love to have better spend […]
The Impact of Limited Options in Procurement Procurement strategy can be a challenge when many of the traditional options are limited. Wouldn’t our job be easy if every product or service had multiple vendors or suppliers ready and willing to compete for your business? I was recently helping a client identify areas where a structured […]
What Rogue Spend Can Tell You Rogue spend can tell you some things about your organization you may not have realized. Finding out may be painful as it may indicate shortcomings in procurement performance. Here are some of the issues I have been told to “justify” rogue spend: Frequent quality issues A decrease in on […]
Do You Know What Your Organization is Buying? Fundamental to strategic sourcing is knowing what your organization is buying. Which vendors are vetted and who has the authority to buy from them is equally important. These may seem like basic information needs but many companies simply don’t have it readily available. There are usually a […]
Procurement Factors Other than Price that Impact Competitive Advantage Procurement professionals want to achieve measurable savings but there are many factors other than price that impact competitive advantage. As a buyer I love to get a very competitive bid for a product or service. Then I put my procurement hat on and list out the […]
A Simple Question on Controllable Spend – Will Worrying Help? I was at a presentation last week and the speaker asked the audience this question: “Will worrying help you achieve your stated goals?” CFOs and CPOs have plenty of things to worry about when it comes to controllable spend. Unfortunately worrying about a problem never […]
RFPs – Do Your eSourcing Tools Help You to Easily Calculate Total Cost of Ownership? I am sure you have heard those commercials where they promise “low prices”. Some even claim to have the lowest prices. Unless you do your homework you could find that the low price you paid wasn’t the best deal. Determining […]
Safe Choice or Better Choice in the Procurement Process? CFOs and CPOs often have the choice of going with the name company (safe choice) or the entrepreneurial company (better choice). In procurement, there is risk in choosing the upstart if they don’t live up to the expectations. It takes courage to go with a lesser-known […]