Thought-leading procurement executives are passionate, value driving partners to the business. Typically that means helping the organization make money, save money, and eliminate operational risk. Fairmarkit was developed through working with these procurement leaders to ensure our customers can increase the speed of requisitions, decrease staff needed, reduce the purchases prices, and provide the necessary visibility and control to eliminate procurement risk.
If your procurement department is not producing innovative projects or results, it could be because they are stretched too thin, managing the large number of suppliers your company has. On average, 20% of a company’s budget is spent on small, infrequent purchases, otherwise known as tail spend. Optimize tail spend and gain control of that 20% with Fairmarkit’s automated tail spend management software so your procurement department can focus on innovation and creativity.
Today, most tail spend processes are not automated and because tail spend is made up of low-cost, non-recurring items, it has not been a strategic management priority. Despite the fact that it accounts for 20% of overall annual procurement spend. This make it an outlay of millions of dollars every year - virtually unmanaged.
Fairmarkit’s SaaS platform is tail spend centric, allowing business to strategically manage their tail spend. It automates visibility into, and control of tail spend by streamlining and simplifying processes. Additionally, by using machine learning it increases procurement control, yielding greater efficiencies, and drives savings of 7-12%.