Fairmarkit discusses the challenges of tail spend and how VSP Global is solving this problem with Fairmarkit's tail spend solution.
Introduction to Fairmarkit-MBTA partnership
Fairmarkit recently sat down with Michael Cadieux, the former Chief Procurement Officer for Publicis Groupe.
Today, business leaders must accept the pace of disruption and innovation that technology provides, or be left behind their competition.
Procurement processes for tail spend management are outdated and, in most ways, have not entered the digital age.
Fairmarkit had a chance to speak with Mark Spencer, Senior Manager of Global Procurement and Logistics at Mercy Corps.
Learn about the relationship between procurement and Finance, Marketing, IT, and Operations.
What is tail spend? Why is it a problem for so many procurement teams?
We must sell the C-suite on the importance of tail spend because every procurement dollar matters.
Join Fairmarkit as we explore procurement’s relationships across other business units and departments
Through their partnership with Fairmarkit, the Massachusetts Bay Transportation Authority (MBTA) dramatically increased supplier diversity and cost savings.
In the Transit Sector, two sets of circumstances stand out and take the challenge to a new level.
In YETI’s pilot with Fairmarkit, they were able to realize an immediate cash savings, dramatically increase their supplier base, gain visibility into their supply chain and reduce risk.
With a little understanding and improved communication marketing and procurement will be able to better realize the others’ value and forge an enhanced partnership in the digital age.
Through Univision's partnership with Fairmarkit, they were able to see an immediate ROI and eliminate their offshore team.
Tail spend makes up 20% of the average company’s overall annual procurement spend and involves interaction with 80% of a company’s vendors. As a result many companies hand it off business process outsourcing (BPO) companies, but in the long term this approach is both ineffective and costly.
In order be seen as a trusted adviser, procurement needs to develop a plan to build their brand, find champions and communicate their value.
Our take on a recent working paper regarding transparency in procurement published by adademics from Indiana University and Stanford.
Are you currently outsourcing your tail spend management? Download this white paper to learn more about how bringing outsourced tail spend back in-house can deliver significant cost savings.