Data collection, purification, normalization and classification are the first steps to solve many types of purchasing problems.
If your expense data does not include transactions from all systems or is not categorized to level 4+, you may not know exactly where your purchasing risks and opportunities lie.
Our Simfoni Spend Analytics has dashboards that visualize all purchasing areas and provide an extreme degree of filtering, classification and normalization that allows you to focus on the areas that affect your business the most. And our dashboards increase visibility to all levels of your team.
Whether you are a finance manager, sourcing specialist or procurement manager, Analytics provides data management, opportunity assessments and decision bases for data-driven purchasing decisions.
Buying quality products at reasonable prices can seem like magic to many, but professional buyers work hard to get the best product at the best terms and prices.
Because Simfoni Analytics provides classification for level 4+, professional buyers have an increased opportunity to find equivalent products and comparable suppliers. With the visibility of the supplier potential in the Commonality Analysis Dashboard, volumes and suppliers can be consolidated across the company’s departments and units.
Thanks to advanced machine learning models, Simfoni’s forecasts help you proactively budget and plan purchasing activities months in advance. We give you the opportunity to see what’s coming around the corner.
The dedicated forecasting module uses statistical calculations of past consumption patterns and market intelligence to create accurate forecasts.
When preparing budgets for the coming year (s), using existing material prices is an obvious place to start. In many cases, however, companies do not just pay a single price for an item.
Spend Analytics highlights the price variation in the various purchases of the same item. Spend Analytics also takes into account purchasing communities, contract costs and seasonal price fluctuations.
Tailspend is traditionally defined as approx. 20% of an organization’s expenses, which come from approx. 80% of their suppliers. Each transaction seems like a small deal, but put together, it runs up considerable amounts and time spent processing so many transactions and managing the many vendors.
The challenge is that a lot is happening within the bottom 20% and without the right systems, it can be difficult to manage.
Symphony Spend Analytics is a great way to understand where and how much you spend. The system tells you exactly what differences the individual changes will cause. And once those changes are made, how can you then maintain your savings going forward.
Simfoni Spend Analytics is also available as part of the Simfoni Spend Automation Platform, a complete sourcing solution to help with all your purchasing needs.