Simfoni: Spend analytics with Visa
When Simfoni analyzes data for its clients, they leave nothing unchecked. The Californian-based startup’s top priority is to provide “the complete picture” on how companies spend money, and how they can spend it more effectively, profitably, and responsibly.
As with all successful business these days, the keystone to understanding spend lies within the complex system of systems everyone relies on, both professionally and personally: the supply chain. Along every increment of that chain is an element of the spending process. Simfoni is designed to make that process as efficient and effective as possible by bringing together all relevant data, no matter the type, size or source.
Jason Stern, CEO Simfoni Spend Intelligence, explains, “We provide a suite of applications with spend analytics at the core. Those applications help customers drive better cost savings, identify risks within their supply chain, and create greater procurement efficiencies.”
Stern continued, “But that’s just the tip of the iceberg. What’s becoming increasingly important to our customers is focusing on CSR initiatives. They’re looking to use Simfoni to help customers find ways to ensure their spending is as socially responsible as possible,’ he says.
That’s what Simfoni calls, “Procurement with a purpose.”
Supplying a business with all the things it needs, from bathroom soap to travel concessions to raw materials for products can be an overwhelming, labyrinthine-like task. Simfoni is not only about helping companies navigate through those complex mazes, but also removing some of the barriers within them.
Put another way, Simfoni clients don’t have to put a shopping list together to show how they want to spend their money. Simfoni’s built-in AI technology scans and analyzes that information, and ultimately “tells” clients what their most effective spend strategies could be.
Simfoni’s four-year relationship with VISA is a perfect example of how this works.
“Visa wanted a clearer picture of its global spending, that’s why they came to us,” says Stern. “Initially, we were able to give Visa that detailed vision to enhance efficiencies and reduce risk.” But it was the next stage that took Visa to the next level.
“We were able to help Visa really step up in terms of its CSR,” says Stern. “Just by drilling down into their spend we were able to help them create a Supplier Diversity Department. With Simfoni, Visa can now calculate the impact they have across a multitude of communities through their supply chain. This data provides huge amounts of quantifiable and valuable Environmental, Social & Governance (ESG).”