Fairmarkit Leverages Generative AI to Simplify Strategic Sourcing
New solution unlocks efficiencies for procurement teams; automated demand intake and RFP workflows bridge gap to business stakeholders and reduce weeks-long processes to minutes.
Boston, MA – September 26, 2023 – Fairmarkit, the autonomous sourcing solution transforming the procurement of goods and services for enterprises, today announces the launch of a new generative AI-powered tool that automates the process from intake to sourcing, saving an immense amount of time for enterprise procurement teams and unlocking a seamless end user experience for buyers, suppliers, and business requesters alike.
Enterprise strategic sourcing and the RFP process are mired in manual workflows and legacy tools that lack intelligence and user-friendliness. The resulting gap between procurement and their business stakeholders often leads to rogue spend, increased risk exposure and missed procurement targets.
Leveraging Fairmarkit’s existing AI and automation capabilities, the new strategic sourcing solution replaces manual, form-based processes and legacy sourcing solutions that often take weeks and several cycles to go from intake to sourced event. Now, business requesters can expect a seamless self-serve process for requesting goods and services within minutes. Procurement teams can create and manage RFPs in just a few clicks, while easily inviting collaborators to engage with suppliers, evaluate and score responses, and maintain a transparent sourcing process. Built-in RFP templates from the Sourcing Industry Group (SIG) further reduce the effort needed in creating sourcing events.
The addition of demand intake and strategic sourcing to Fairmarkit’s existing tail spend capabilities allows procurement teams to capture and automatically categorize spend, reduce cycle times, and unify the end-user experience under a single autonomous sourcing platform.
“Business users go around procurement when they think it’ll take too long to get their needs met. Our new solution solves that issue, reining in spend and putting business leaders and their procurement teams on the same page, with significant savings in both time and money,” said Karim Wahba, Fairmarkit’s Head of Data Science. “The solution is a result of close collaboration with executive champions, beta users, and our data science teams, leading to an approachable yet powerful use case for GenAI that procurement teams will love – almost as much as the newfound time they’ll unlock.”
Meet KIT: Intake of the Future
Fairmarkit’s intake tool, named KIT, replaces clunky forms, spreadsheets and lengthy phone calls with a self-serve generative AI experience that responds to natural language inputs and provides procurement with a one-stop for capturing and managing business demand. The tool can automatically generate a Scope of Work (SOW) based on information gathered from the requester and intelligently route demand based on internal policies and procedures. From there, procurement teams can create an RFP with just a few clicks; invite collaborators from across the org; upload additional documentation; identify and invite the best-fit suppliers; evaluate and score responses; and make award decisions with ease. Designing around end user needs – whether the requester, supplier or buyer – allows Fairmarkit to provide a sourcing experience that is unmatched by legacy sourcing tools.
“Business users need personalized support for procuring goods and services, from one-time purchases to more strategic engagements that can last months,” said Kelly How, Global Digital Procurement Innovation Leader at Amazon. “Fairmarkit’s technology enables Amazon’s end users to run all kinds of sourcing events, and the new GenAI capabilities can guide them down the right path at all times.”
“Fairmarkit’s new strategic sourcing solution will revolutionize the way even business requesters will experience the sourcing process,” said Mary Zampino, Director of Strategic Engagement of SIG | ORG, the premier global network for procurement, sourcing and risk professionals. “The introduction of generative AI-powered demand intake immediately simplifies and automates how procurement teams can capture demand – mitigating the frustrating and manual process that we’ve historically seen in the industry. We’re incredibly excited to see the value Fairmarkit will provide businesses and thrilled to be a part in reforming a previously antiquated, siloed and manual request for proposal process.”
“Fairmarkit has long been the leader in enterprise tail spend, and the addition of a strategic sourcing solution sets the company up for the next stage of growth,” said John Fleisher, Fairmarkit’s SVP of Sales. “I'm very excited to lead the Fairmarkit Sales team into this next stage, and to help bring our customers and the procurement space to the forefront of the AI innovation wave we are all witnessing right now.”
To learn more about Fairmarkit’s new strategic sourcing solution solution, visit www.fairmarkit.com.
