11
Jul

BOSTON BUSINESS JOURNAL: This ‘tail spend’ startup saves the MBTA $100K per month

Each year, the MBTA makes about 15,000 purchases of orders worth less than $50,000 each. Policy rules dictate that for many of those purchases — for things like spray paint, steering shafts and cylinder breaks — the organization must collect at least two competing bids from vendors before finalizing an order. A year ago, soliciting those bids required someone in the MBTA procurement division to pull out an old phone book or search Google for relevant vendors, send emails or call the companies, and file away the resulting bids in a cabinet where they were unlikely to be looked at…

27
Jun

Technology that Enables Procurement and Finance

The procurement and finance departments of your organization are two sides of the same coin. This is especially true in the context of the purchase-to-pay (P2P) process. Yet despite that, in most cases the two departments don’t seem to collaborate as closely as they should. This isn’t a new problem by any means, but it is one that could have a negative effect on your company’s bottom line. There are many ways to overcome it, including the implementation of new strategies to improve communication between your employees. But one important factor should not be ignored, the how technology can improve…

14
Jun

Benefits of Procurement Automation

How Procurement Automation Can Benefit Your Business With the rapid development of new technologies in the last decade, businesses in various fields have taken steps to implement process automation systems into their daily operations. Procurement processes are no exception, including automated Requests for Quotes (RFQs) and vendor contracting activities. Skeptics might see this as an attempt to decrease the need for human labor, but that’s far from the truth. In fact, automation only helps reduce the time and labor needed to perform some routine, repetitive processes. At the same time, it frees your staff to perform more complex and demanding…

07
Jun

3 Indirect Procurement Challenges

Despite keeping costs under control, many companies fail to achieve their desired level of profitability. This can happen because procurement departments are unaware of just how important indirect procurement is for running a profitable business. Understanding Indirect Procurement Indirect procurement, also known as indirect spend, represents the purchasing of goods – usually services and supplies – that help keep the day-to-day operations at a company alive. With direct procurement, the entire cost goes toward production, which is why companies are usually more aware of it. Indirect spend is somewhat invisible compared to direct spend because it helps keep everything running…

06
Jun

FairMarkIT Selected for the Oracle Scaleup Ecosystem Accelerator and Nominated for Future of Sourcing Award

6/6/18 – FairMarkIT today announced that it has joined the Oracle Scaleup Ecosystem program and has been nominated for a Future of Sourcing Award through the Sourcing Industry Group (SIG). FairMarkIT is a Boston-based procurement startup, focused on tail spend management.   FairMarkIT will work with the Oracle Scaleup Ecosystem, the global resources, cloud technology and expertise offered, as the company moves into its next phase of growth. Through their SIG nomination, the inaugural Future of Sourcing Awards program recognizes FairMarkIT as an organization that shows innovation, leadership and transformation in the sourcing industry.   FairMarkIT’s Tail Spend Solution delivers…

31
May

New Processes Needed

For many years, the internal processes for making purchases were fairly straightforward. An employee created a purchase form which was submitted to the procurement team and finance department. After receiving approval they could purchase what they had requested from any supplier and would submit the invoice to the department. Despite being an easy process in theory, decades of paper invoices and lack of oversite in addition to budgetary inconsistencies have created many systemic issues for procurement organizations. Spend has increased greatly and it is not uncommon for companies to have vendors registered with no actual history of purchases. Fortunately advances…

24
May

FairMarkIT Raises First Institutional Fundraising Round to Transform Procurement

BOSTON, May 24, 2018 FairMarkIT is proud to announce its first round of institutional funding and their new board of directors. FairMarkIT is a Boston-based tail spend management firm and will use this funding to support their continued growth. The Board of Directors will provide leadership and guidance as they oversee the ongoing activities of the organization. FairMarkIT's SaaS platform enables companies to achieve increased savings on their tail spend purchases, by delivering a highly functional product to mitigate risks, reduce costs and drive business value. Gathering insights from unstructured tail spend data and applying machine learning techniques to automate RFQs, FairMarkIT's…

15
May

The Digitization of the Public Sector

Over the past few years, cloud-based computing and storage have been known as ‘the next big thing’ for companies spanning across all industries. It stands to reason that adoption of said technology has been rapidly expanding. The ‘cloud’ not only centralizes data to a secure location, but also allows read and write access to information with just internet access, and supreme collaboration among others. The growing prevalence of such technology has prompted various public, federal agencies, such as the Department of Defense, to procure contracts that will assist the agency with updating their current technology. The JEDI Contract The procurement…

11
May

Leveraging Advanced Analytics in Procurement

Here at FairMarkIT, we understand the importance of data in making informed decisions. Insight into the needs and wants of customers are better understood through usage statistics. Data is especially important to the procurement field, sophisticated technology that is able to harness the power of big data, such as machine learning, will be of ever growing utility. An article published by SourceToday highlights the importance that data prediction techniques will have in the future, especially for procurement and supply chain organizations. In fact, it is projected that data creation -- which is currently at 20 zettabytes -- will balloon to 160…

17
Apr

Addressing Tail Spend: The First Step

Until recently, tail spend has generally been ignored by large, corporate procurement departments; assuming that it was not worth the time and investment. But it seems that in 2018 it is finally getting its time in the sun. Gartner, Spend Matters, our team at FairMarkIT and others have identified this spend as an issue to be addressed and have also projected that players like Amazon Business will have a large role in addressing the problem. Whether or not your procurement organization is in the position (or even has the desire) to address tail spend it is something that is likely…