Simfoni designed an analytics platform for global investment firm Dubai Holdings’ (DH) procurement team, which is used to bring greater visibility to the firm’s spend and identify opportunities for efficiencies. The spend management dashboard presents a visual into more than AED24bn in spend, 2.26 million transactions and over 200 business units, helping to locate cost savings, review supplier performance, and investigate areas such as contract compliance and duplicate payments. The cloud-based system, which uses machine-learning algorithms to collect and categorise data, helps free up resources and time for DH staff, so they can work more efficiently. Extending across eight diverse business divisions, from construction, to hotels and radio, the platform has been commended for its flexibility, adaptability to specific requirements, and the level of procurement expertise embedded in the system which can assist users. It has enabled DH’s procurement department to make data-driven decisions that improve operations, including consolidating categories by 40%, developing savings plans to cut over AED100m per year, and remove 40% of external spend.
It took good work to classify and enrich the available data to come up with meaningful results for procurement and the group. Data collection, classification and analysis is the core of our procurement decisions. DH will benefit from this for years to come.