Fairmarkit Partners with Boston University to Host Inaugural Event on the Future of Sourcing

BOSTON, September 19, 2024 – Fairmarkit, the leading autonomous sourcing solution provider, along with Boston University (BU), today hosts the inaugural event Soar24 in Boston, MA, bringing together procurement and sourcing professionals from across the industry. Soar24 will highlight how cutting-edge technologies, including AI, are revolutionizing procurement and sourcing, while offering attendees valuable opportunities for hands-on learning, such as practical workshops on automating sourcing processes, advancing supplier diversity, and using generative AI.

Soar24 is co-hosted by one of Fairmarkit’s first customers, Boston University at Agganis Arena. BU’s partnership was instrumental in advancing Fairmarkit’s autonomous sourcing technology.  The university’s early feedback using the platform addressed critical market gaps, offering insights that directly influenced key product developments based on BU's unique procurement challenges. BU was also the first to implement Fairmarkit’s “self-service sourcing” model, empowering individuals outside of procurement to run sourcing events independently. In addition to helping refine the platform for global use, BU’s contributions played a significant role in bolstering Boston’s tech scene through its collaboration with Fairmarkit, including contributing talent, with several BU graduates hired by Fairmarkit over the years. 

“Boston University didn’t just adopt Fairmarkit—they helped us shape it,” said Kevin Frechette, CEO and co-founder of Fairmarkit. “Their close collaboration was pivotal in turning Fairmarkit from a small startup into a platform that empowers not only procurement teams but entire organizations. Soar24 is a reflection of that journey, bringing together thought leaders and innovators to explore how technology, like GenAI, is driving the future of procurement.” 

Soar24 includes sessions on procurement best practices, technology innovations, and the evolving role of GenAI in sourcing, along with hands-on workshops and networking activities. Highlights include a keynote by BU’s Associate Provost for Computing & Data Sciences Azer Bestavros, PhD, who will speak about the unprecedented opportunities and challenges of generative AI within the industry.

The event also features an opening address from Kevin Frechette and Randall Moore, chief procurement officer at Boston University, who will discuss BU’s collaboration with Fairmarkit and its impact on both the university and the broader procurement community.

“Fairmarkit has transformed how we approach sourcing at Boston University,” said Moore. “From the start, they listened to our needs and worked with us to build solutions that fit the unique demands of a university like ours. What began as a local partnership has now evolved into a platform helping organizations around the world.”

To learn about the emerging technologies, like GenAI, that are shaping the future of sourcing and their benefits, visit https://www.fairmarkit.com/blog.

About Fairmarkit‍

Fairmarkit is the leading autonomous sourcing platform that helps enterprise procurement teams source more, faster, and drive strategic initiatives at scale. By equipping procurement and their stakeholders with automation and AI, it unlocks data visibility and efficiencies for tail spend and strategic sourcing. Leveraged across a number of industries by innovative procurement teams at companies like bp, Snowflake, Nestle, Walgreens, and Boeing, Fairmarkit aims to revolutionize the way all organizations buy and sell. Learn more at http://www.fairmarkit.com.

About Boston University

Boston University is a leading private research institution with over 33,000 students and 11,000 faculty and staff members. BU is a global leader in education and innovation, with a strong commitment to advancing technology and research. The university’s procurement team manages over $800 million in addressable spend annually. For more information, visit www.bu.edu.