Traditionally, companies create centralized procurement departments to improve their spend tracking, decisions and profits. Centralized purchasing decreases risk, prevents duplication of efforts and allows organizations to share knowledge. Also, as companies grow and transform, it's often common to see a hybrid of both centralized and decentralized models.
For procurement teams that have buyers centrally located, or teams that have visibility across large and small purchases, the key challenge that Fairmarkit addresses is how to maximize the productivity of buyers. While the procurement workload increases the headcount does not. Automation and machine learning is critical to ensuring companies are optimizing their tail spend, while also re-allocating precious manual resources to the larger contracts and purchases.
When addressing about tail spend, it’s not one size fits all. Most companies have both procurement buyers and end users making purchases for their department, location or group. If you add in the complexity of multiple ERPs, P2Ps and payment methods, the challenge of optimizing your tail spend without taxing manual resources becomes daunting. At Fairmarkit, we work with any eProcurement solution, payment method, or type of user (office manager, IT Director, Facilities Manager, or Strategic Buyer). As a Software as a Service (SaaS) platform created to be best in breed for tail spend, we allow customers to throttle the speed of rollout, level of automation, or risk flags that are most important to them. Defying industry standards, it’s important to note that a Fairmarkit pilot can be setup and active with user logins the same day as an initial demo.