VISA DEVELOPS NEW , SOCIALLY RESPONSIBLE SPEND DEPARTMENT WITH SIMFONI
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 .
Simfoni is designed to make the spending processes of the supply chain 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 .”
Simfoni ’ s four-year relationship with Visa is a prime example of this shift in the focus of organizations ’ spend management .
“ 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 ).”
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 .