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.
"This recognition highlights Simfoni's
innovation in introducing consumption-based pricing, transforming
how procurement leaders approach tail spend." – Chirag Shah, Executive Chairman at
Simfoni.
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.
GARTNER is a registered trademark and service mark of Gartner,
Inc. and/or its affiliates in the U.S. and internationally, and
HYPE CYCLE is a registered trademark of Gartner, Inc. and/or its
affiliates and are used herein with permission. All rights
reserved.
Gartner does not endorse any vendor, product or service depicted
in its research publications and does not advise technology users
to select only those vendors with the highest ratings or other
designation. Gartner research publications consist of the opinions
of Gartner's Research & Advisory organization and should not be
construed as statements of fact. Gartner disclaims all warranties,
expressed or implied, with respect to this research, including any
warranties of merchantability or fitness for a particular
purpose.
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, megan@simfoni.com, www.simfoni.com
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