Simfoni recognized in the categories of Tail Spend Solutions, Predictive Analytics, Supplier Diversity Solutions, and Operations and Savings Management
CHICAGO, July 18, 2024 /PRNewswire-PRWeb/ -- Simfoni, a leading global provider of spend management solutions, is proud to announce its successive inclusion as a Sample Vendor in the Gartner ® Hype Cycle for Procurement and Sourcing Solutions, 2024.
In the 2024 report, Simfoni was listed in four distinct categories: Tail Spend, Predictive Analytics, Supplier Diversity Solutions, and Operations and Savings Management. The biggest shifts in this year's report highlight the peak of Generative AI hype, the emergence of orchestration platforms, and increased adoption of ESG solutions.
Procurement organizations can leverage the 2024 Hype Cycle report to identify emerging technologies, assess their maturity and potential impact, and make informed investment decisions that enhance efficiency, drive innovation, and align with sustainability and compliance goals. Simfoni's recognition in the report underscores its role in providing advanced, innovative solutions that address these needs and drive digital procurement transformation. It also underscores the market's increasing appetite for advanced technologies and innovative approaches that transcend traditional methods to drive more impactful outcomes.
"We are proud to be acknowledged by Gartner in the Hype Cycle for Procurement and Sourcing Solutions. This recognition highlights Simfoni's innovation in introducing consumption-based pricing, transforming how procurement leaders approach tail spend. Our distinguished Closed-Loop™ system guarantees savings, cementing our strategic spend tools as some of the most valued in the industry. With advanced technologies like AI and machine learning, Simfoni remains at the forefront of procurement technology, enhancing efficiency, cost savings, and sustainability for our clients." – Chirag Shah, Executive Chairman at Simfoni.
According to Gartner, "clients use Hype Cycles to educate themselves on the promise of an emerging technology within the context of their industry and individual appetite for risk." Gartner also states that the "Hype Cycle helps separate the hype from the real drivers of a technology's commercial promise, reduce the risk of your technology investment decisions, and compare your understanding of a technology's business value with the objectivity of experienced IT analysts."
Simfoni views the often-overlooked category of Tail Spend as a critical area of opportunity for clients seeking to increase savings, gain new business insights, and optimize processes. The Gartner report highlights that actively managing tail spend can unlock additional savings without requiring more resources, improve spend visibility and efficiency, and enhance purchasing controls. End users can still make one-time purchases to do their jobs without adding to procurement's workload. Integrated tail spend management solutions, like Simfoni's, help drive purchasing policy compliance and reduce risks.
For the second year in a row, Simfoni was also named a Sample Vendor in the Supplier Diversity category which Simfoni believes is a testament to its dedication to supporting an inclusive procurement ecosystem. Gartner describes how interest in establishing and growing supplier diversity programs remains high despite economic uncertainty as organizations face pressure from the C-suite, employees, and customers to make more conscious business decisions. Tracking, maturing, and scaling a diversity program is difficult without the right technology to support growth and enablement across the source-to-pay (S2P) process.
Gartner subscribers can access the full report here.
**Gartner Research Methodologies, Hype Cycle for Procurement and Sourcing Solutions, 2024, authored by Kaitlynn Sommers, Micky Keck, Cian Curtin, Lynne Phelan, Naveen Mahendra, Chaithanya Paradarami.
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About Simfoni
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 (Corporate Social Responsibility) objectives. For additional information, please visit https://simfoni.com/.
Media Contact
Megan Hamner, Simfoni, 1 2036769252, [email protected], www.simfoni.com
SOURCE Simfoni
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