WHAT IS FAIRMARKIT?
FairMarkIT is a Boston-based startup that is focused exclusively on tail spend. Tail spend is the idea that 80% of your purchases make up 20% of your spend. With so many purchases and a finite amount of time in a year, there are so many questions to ask. How many bids are you receiving for each line item? Are they competitive? How much money is your company wasting on outdated, clunky, and manual bidding processes?
FairMarkIT helps enterprises answer these questions and get to the best price in less time for their small to medium sized purchases. We’re a software company that uses machine learning to bring a simplified big data approach to procurement. Our customers use the FairMarkIT platform to identify risks and trends across tail spend, benchmark prices internally and externally, and leverage a lightweight e-sourcing platform to automate simple RFQ’s across a much larger audience.
Of course, every procurement department labels tail spend differently and has its own set of unique challenges. FairMarkIT’s customized solutions enable procurement leaders to make business decisions based off actionable intelligence, and ensure their teams lock in the best price with significantly less effort.
FairMarkIT uses machine learning and artificial intelligence to automate the request for quote (RFQ) process. Procurement leaders can stand up a bid in minutes and FairMarkIT’s software does the rest of the work. The platform automatically sends the request out to prospective bidders, gathering 4-5x more bids than an average purchase.
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FairMarkIT’s software increases transparency and collaboration in your procurement department. FairMarkIT’s machine learning algorithm reduces the time spent by procurement teams on tailspend purchases, while unlocking savings through increased competitive bidding.
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