Working with procurement teams to bring intelligence and innovation to tail spend purchasing.
Use machine learning techniques (NLTK Text, Naive Bayesian… the fun stuff) to analyze and trend data. Removing flawed analysis from the sourcing and procurement process, to identify which supplier and price is best for your organization.
Eliminate the need for bench marking services and hand holding through the procurement process. Work outside the black box of B2B purchasing, view what other companies are paying for the same product.
Most enterprises are sacrificing millions on unregulated and uncontrolled tailspend because they don’t have the bandwidth to focus on it. Bring automation, trending, and intelligence to your tailspend management.
Gain back your power at the negotiation table. Expand your horizons from 2 or 3 traditional vendors to sourcing purchases across numerous suppliers with the click of a button. Collaborate purchasing for your team.
Founded in the heart of Boston, FairMarkIT is a software company that brings a simplified big data approach to procurement. We help companies price benchmark internally and externally, while also providing a lightweight platform to automate and identify trends across tailspend purchases.
We enable procurement leaders to make business decisions based off actionable intelligence, and ensure their teams get to the best price faster.
“Fairmarkit brings our bidding for purchases under $35K into a new era, that includes massive enhancements to transparency, efficiency, and also has data analytics to help us track and detect prices, trends, and also any abnormalities”
“Fully expect prices to go down, and competition to increase, all done through a new system that dramatically simplifies the process and opens the door for new vendors to do business with the T”
“This is an exciting initiative”
“We produce somewhere around the order of 15,000 purchase orders each year, but 94% of purchases are under $35K”
“Our current process is a slow, burdensome, and archaic way of conducting business, additionally it creates barriers to new vendors entering the market, and provides an advantage to vendors already doing business with the T.”
“More vendors can do business with the T”
“This is a huge step forward”
“Terrific piece of work”
“Gives our buyers the tools they need to make responsible informed decisions that include historic purchase history”
“15% increase in efficiency”
“We’ve paid a 30% different price for the exact same product”