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Simfoni: What Makes It Great (Spend Analytics SolutionMap Analysis) [SolutionMap]

Spend analytics tools that stagnate age quickly. But solution providers that listen to customers, practice agile software development and bring a deep knowledge of procurement can flank a large cross section of incumbents — quickly.

Simfoni, one of the top-ranked spend analytics software providers by both Analyst and Customer scoring in the Spend and Procurement Analytics SolutionMap, is a case in point. Founded in 2015, Simfoni delivers above-the-benchmark performance in numerous functional areas and is convincingly a Value Leader across all spend analytics buying personas. Join us in exploring what make Simfoni great, based on the latest functional and customer SolutionMap benchmarks from Q2 2018.

“What Makes It Great” is a recurring column that shares insights from each quarterly SolutionMap report for SolutionMap Insider Subscribers. Based on both our rigorous evaluation process and customer reference reviews, each brief explains how the provider excels and where it beats the SolutionMap benchmark, concluding with a checklist for ideal customer scenarios in which procurement, finance and supply chain organizations should consider the vendor.

Formas de colaboración e innovación

SciQuest

Una de las claves para la colaboración radica en la forma en que los colaboradores son dirigidos y motivados. Fomentar la colaboración al interior de la organización y con los proveedores, mediante SEI, es fundamental para que compras pueda exponencial sus contribuciones de valor hacia la organización.

30 Under 30 Supply Chain Star Rhiana Gallen on Taking Part in High-Level Initiatives at Age 23

At 23, Rhiana Gallen is the youngest 30 Under 30 star this year. She graduated from Colorado State University in 2016, and in the two years that she has spent so far as a contract specialist at Denver Water, she has managed to save the organization more than $400,000 and participated in several high-level initiatives. She served as the team leader of Denver Water’s Lean Six Sigma procurement value stream analysis, which reduced competitive selection cycle times by 45%. Spend Matters spoke with Gallen about how she got the chance to work on important projects so early in her career, time management strategies, and what she finds most challenging and rewarding about supply chain.

Secrets to Better Technology RFPs: Avoiding Hijackings, Dying References and Key Takeaways [Plus+]

Quick: Who do you think has the upper hand in procurement/vendor negotiations when it comes to buying technology? If you guessed the provider, you would be right, in all too many cases. But it doesn’t have to be this way. And in fact, the best processes are anything but zero sum games. As a first step to maximizing procurement value and aligning outcomes with the business (and your vendor), getting the RFI/RFP process right is a critical step. In this Spend Matters Plus series, we shed light on a number of secrets of the trade and how to buy procurement technology — and indeed all technology — that much better. In this last installment of the series, we explore how to avoid IT and legal hijacking of the process as well as key takeaways and recommendations for procurement organizations.

Sustaining Value From Oracle Procurement: After the First Wave

In an earlier installment in this series on getting value from Oracle procurement applications, we explored where to focus on if you want to move fast with Oracle technology. Contrary to what many might believe, it is now possible to get Oracle technology to move at whatever speed you need it to — at least in select areas. But once you get past the “first wave” of savings and value generation from Oracle procurement technology, where should you turn next? That’s the topic we’ll explore in this article in more detail, as well the implementation and deployment nuances that Oracle — by nature of being Oracle — creates relative to its peers.

Getting Value From Oracle Procurement Applications Fast

Within the procurement technology arena, Oracle is not as well known as many of its peers with similar market share. There are numerous reasons for this, but in starting with the obvious, we would note that Oracle has so many product lines (and so many procurement products) that any individual application or suite of combined modules is likely to get lost in the brand shuffle (i.e., there is no SAP Ariba of Oracle). When thinking of these products, many procurement practitioners will likely conjure up a now somewhat dated perception that getting value from Oracle technology solutions takes time — sometimes lots of time. But there is no longer a need to “wait” for Oracle procurement value.

Navigating The Path From Tactical Procurement Analytics to Strategic Supply Analytics [Plus+]

spend visiblity

Spend visibility is foundational to any procurement transformation because to better manage supply, you have to manage spend. Spend is what you pay and supply is what you get, and to manage spend you have to see it. Yet too many procurement organizations work hard to put basic spend analytics in place but don't have a broader vision, strategy and roadmap for strategic supply analytics (i.e., the analytic capabilities to support strategic supply management). We use the term “supply analytics” instead of “procurement analytics” to reflect procurement’s increasing role in managing broader supply outcomes than just its own performance – especially in direct procurement. This Spend Matters PRO article is designed to provide you such a roadmap. It is not a step-by-step, one-size-fits-all approach because every firm will have a different experience. It is, however, a map that can guide you through plotting out your supply analytics journey.

Legal Sourcing and Billing: Category Sourcing, Maturity Models and Services Procurement Linkages (Part 1) [Plus+]

UpCounsel

Around 2005, while working for Procuri, one of the authors of this article was involved in a large legal services e-sourcing project (with reverse auction at the end) for a Fortune 10 firm that spanned law firms across the U.S. At that time, we included a substantial amount of spend segmentation into the event. From my experience and research, we were one of the first to engage in a procurement legal sourcing effort of this magnitude.

Procurement Metrics: Understanding the Economic Language of Value (Part 1) — Spend [Plus+]

buzzwords

One of the challenges that procurement faces is "speaking the same language" as finance, as well as the language of its stakeholders. A marketing department, for example, may use the term “investment” for its spending. Similarly, many procurement organizations categorize some of their added value in a category called “cost avoidance,” even though the term is not taught or recognized formally by the finance function.

Even within procurement, many terms are used inconsistently. Consider the term “addressable spend.” Is all spend addressable, as represented by cash disbursements going to external parties? Or is it supplier spending that is reasonably under the influence of procurement? If you say the latter, what defines “reasonable”?

The friction and misalignment common between various functions often results from stakeholders not having a basic understanding of terms that seem similar but yet can be very different. This problem is exacerbated when the stakes are high and you start getting measured and benchmarked on these metrics. To prevent this, procurement needs to be “business multilingual” and understand the variations of terminology so that it can best speak these languages and help the organization make the best decisions to create value.

This is what we’ll address in this analysis, with a focus on procurement and finance within the enterprise. Clearly defined terminology is the foundation from which higher-level concepts, performance metrics and benchmarks can be consistently understood — and improved.