Afternoon Coffee: Vroozi partners with Simfoni; Coupa offers snapshot of trends in business spend; Vizibl to host webinar on supplier collaboration, innovation

Vroozi, a purchasing and spend management platform, announced a strategic partnership with Simfoni, an artificial intelligence spend analytics solution.

With the partnership, Simfoni’s spend analytics capabilities will be offered alongside Vroozi’s procure-to-pay (P2P) solution. In a press release, Vroozi said the partnership will aim to reduce costs, increase spend under management and improve financial performance.

Simfoni’s analytics platform can quickly uncover spending insights that lead to smarter, data-driven procurement decisions. Combined with Vroozi’s cloud-based platform, customers will be better able to manage their spend under one roof.

"Spend intelligence and automation are critical to driving cost savings in procurement," Shaz Khan, co-founder and chief strategy officer at Vroozi, said in the press release. "With Simfoni’s impressive analytics, customers can quickly and easily identify savings opportunities and automate the necessary procurement actions within Vroozi to take advantage and create bottom-line impact."

Also, Simfoni and WTP Buynamics recently partnered to work in the US.

Coupa offers a snapshot on business spend

Coupa published findings from its Business Spend Index (BSI) Q4 Outlook on Thursday, where the company found that business spend sentiment improved over the prior quarter by 6%, but overall confidence is well below prior trends because of the COVID crisis. Businesses have adjusted to the coronavirus disruption but remain wary about the economy, according to a press release about the index.

To create its report, Coupa analyzed billions of dollars going through its solutions for business spend management (BSM). Data from the past quarter showed the following year-over-year changes in business spend:

  • 97% decrease in business spend on air travel
  • 22% decrease in business spend on office supplies
  • 13.5% increase in business spend on technology including hardware, software and services
  • 41% increase in contingent workforce spend
  • 29% increase in business spend for shipping and freight

Vizibl to host supplier collaboration and innovation webinar with Sanofi

Supplier collaboration and innovation is the frontier of the supplier relationship management space, according to Vizibl.

To come out of disruption, like those of the COVID-19 crisis, companies must have alignment between innovation and business objectives. “A disruptor may have not hit your industry yet, but it’s coming soon,” Mark Perera, CEO of Vizibl, said in a recent blog post. “The ability to align your strategy with your suppliers to drive your competitive advantage and to execute on speed and growth is essential. It’s not just for procurement or research and development, it’s about optimizing your value chain across the whole business. It’s a hard time for a CPO, but it’s an exciting time too as they shift from the productivity and savings goals to really getting around to the growth and sustainability agendas of their organizations.”

In an effort to showcase the importance of supplier collaboration in SRM, Vizibl is hosting a webinar titled “The Future of Procurement: How Sanofi Are Reinventing Their Approach To Supplier Relationships.” The webinar will include panel discussions that talk about the importance of supplier collaboration. The event will take place on Wednesday, Nov. 25, over Zoom, at 3 p.m. GMT, 10 a.m. US Eastern time. To register for the event, visit this link.

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