Over the years, procurement organizations have focused on the larger savings opportunities and deployed their resources accordingly. But the shift to cloud, the sharing of data, and the proliferation of suppliers and eCommerce solutions has opened the door for tail spend management and the need for procurement to revisit the risks and opportunities.
Recognizing the need, FairMarkIT joined the space and is providing an ERP agnostic SaaS platform that enables procurement with automation and machine learning solutions focused on tail spend purchases: the forgotten opportunity. The platform enables companies to unlock actionable insights from their own unstructured tail spend data, automate RFQs to mitigate risk and drive business value, while also benchmarking and sourcing it against their proprietary FairMarkIT Collective Intelligence Database.
By integrating customers’ unstructured data with their workflow, FairMarkIT helps companies source tail spend purchases to get to the best price, in the shortest amount of time, while mitigating associated risks and driving more effective business outcomes. FairMarkIT uses industry leading suppliers, disadvantaged businesses, catalogues, GPOs, Amazon B2B, and more. Whether it’s a company with 250 employees looking to automate their buying and sourcing process, or a Fortune 500 company with $2B in tail spend, FairMarkIT helps eliminate risk from your business by bringing intelligence to tail spend, all while delivering an ROI upwards of 6x.