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.
“Everything is filed by paper, and no historical pricing is saved or leveraged to become more informed buyers.”
“I have 30+ buyers that spend at least 33% of their time on redundant tasks because of the technology gap across our procurement department.”
“Technology is evolving at Moore’s law while procurement is stuck in the dot com bubble.”
“We pay benchmarking companies millions of dollars, but still do not have access to search what discounting other organizations are actually getting. We get phone calls and hear about best practice, not hard numbers…”
“A very valuable commodity that is lacking in the market is merely understanding how IT vendors structure their offerings (which changes all the time). Let alone how much the technology costs!”