Procurement technology provider retains coveted position on Spend Matters SolutionMap and expands competencies to meet accelerating demand for spend analytics, sourcing and tail spend management solutions.
SAN FRANCISCO, June 2, 2022 /PRNewswire-PRWeb/ -- Simfoni, the next-generation digital solutions provider for procurement intelligence and spend automation today announced it has once again been named a Value Leader in the 2022 Spend Matters Solution Map for Spend Analytics and Sourcing. This announcement comes alongside a series of strategic engineering and technology investments to further accelerate machine learning (ML) and artificial intelligence (AI) capabilities across its suite of composable spend management solutions, including eSourcing, Spend Analytics, and solutions for Tail Spend management.
Known as the most rigorous and data-centric assessment of procurement technologies, the Spend Matters SolutionMap contains 500+ RFI requirements across 10 source-to-pay modules and suite technology categories to pinpoint and rank the capabilities of participating vendors. Customer feedback also factors into where vendors rank on the maps. "We are delighted to see Simfoni retain its position as a value leader on the 2022 SolutionMap. It's evident that we are making the right investments in areas that have the most impact. These investments have allowed us to stay ahead of market trends while remaining innovative and responsive to customer needs," said Ron Emma, Simfoni CEO, eSourcing.
Simfoni's commitment to the advancement of composable procurement solutions builds upon a seven-year record of accomplishment in modernizing the ways companies see and manage their direct and indirect spend. Fusing revolutionary technology with AI-enabled content and proven deep domain expertise, Simfoni helps organizations identify opportunities to lower costs, improve efficiencies, and achieve supply chain sustainability, vendor diversity, and strategic CSR (Corporate Social Responsibility) objectives on a global scale.
Machine learning is quickly gaining a prominent role in Simfoni's procurement solutions, allowing for customer access to fully categorized spend data — at any level of granularity — faster, with more accuracy and less human intervention than ever before. With detailed, authentic, and up to date spend data, Simfoni customers will make better data-driven decisions in support of short and long-term strategic objectives.
Simfoni has also expanded its engineering team, bringing on established procurement technologist Alan Buxton as Chief Technology Officer. "As we continue to expand Simfoni's footprint with proven industry veterans, Alan Buxton is the perfect addition to our executive management team," said Chirag Shah, Chairman, Simfoni. "He brings years of experience as a procurement technology native operating within the landscape of spend intelligence, he already understands what our customers are looking for. His deep expertise in machine learning and natural language processing (NLP), in combination with his proven track record scaling SaaS (Software as a Service) startups will boost our engineering operation, making it a world-class entity."
Buxton first entered the procurement technology space in 2000 at Archway Consulting, an Ariba Partner, followed by his tenure as CTO at Trading Partners, where he led product development and technical strategy to support business growth in the USA, UK, and China. He has since held executive technologist positions at several innovative SaaS start-ups, including Rated People, MarketMaker4, and OpenCorporates. At Simfoni, he will focus on scaling the company's global technology capabilities and further developing its market-leading products.
"Simfoni has assembled an outstanding team of industry leaders who know the procurement space from the inside out," said Buxton. "As a globally distributed organization, Simfoni's engineering team has the advantage of a continuous, 24/7 workflow. The team is focused and nimble enough to keep up with market demand and capabilities that rival those of much larger competitors in this space. I am so eager to join this company in its quest to turn procurement data into actionable insight and concrete recommendations that help procurement teams make better business decisions."
Following another record-setting year of growth and new client acquisitions, in early 2022 Simfoni announced the strategic acquisition of EC Sourcing Group, a distinguished leader in eSourcing technology—and recently listed in the Value Leader quadrant on the 2022 Spend Matters SolutionMap. The acquisition of EC Sourcing Group has allowed Simfoni to continue to disrupt the procurement space by integrating optimized sourcing technology into its suite of world-class spend management tools, delivering deeper insight and value for customers across all aspects of its composable procurement solutions. "Our eSourcing Optimization tool is redefining the way that procurement leaders manage award decisions, giving clients the tools they need to rapidly drive the outcomes that matter most to their organization," said Emma.
"There is no doubt that the acquisition of EC Sourcing changed the game for both Simfoni and for our customers. We find CPO's have become increasingly frustrated with the limitations of their legacy solutions – big procurement suites have their place, but they also have their limitations for procurement practitioners," said Buxton.
To learn more about Simfoni, please visit https://simfoni.com/.
Simfoni provides Spend Analytics, Spend Automation and eSourcing solutions to leading global enterprises. The Simfoni platform utilizes machine learning and artificial intelligence to accelerate and automate key aspects of the procurement and sourcing processes, saving customers time and money and paving the way toward supply chain sustainability. With offices in the USA, Europe, Australia, and the Middle East, Simfoni works with its customers and the wider vendor community to improve vendor diversity and achieve strategic CSR objectives. For additional information, please visit https://simfoni.com/.
Trish McLoughlin, Simfoni, 1 561-929-1408, [email protected]
Megan Hamner, Simfoni, 203-676-9252, [email protected]