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 & control to eliminate procurement risk.
Most companies believe better sourcing means more people and more time. At Fairmarkit we flip that philosophy on its head and argue that companies should source bids from a larger pool of suppliers, but it should take less time than sending a single email. By using machine learning, Fairmarkit allows our customers to better leverage their existing vendor database, elect to use outside vendors where applicable, save 6-12% per purchase, and also gain metadata on their vendors and buyers performance. Organizations with multiple business or office locations typically don’t share suppliers. But by leveraging Fairmarkit’s platform teams are able to automatically suggest and use registered vendors in different locations across the global.
Fairmarkit has the capability to integrate with any procure-to-pay or source-to-pay provider to help streamline the tail spend procurement process. However, in Year 1 most customers elect to leverage Fairmarkit without direct integration. This means that the technical team does not need to be involved for a Fairmarkit rollout strategy. Once we hit Year 2, the benefits from the previous year help to justify the direct integration initiative.
Fairmarkit was founded on the foundation that there should be exponentially more transparency in the business-to-business (B2B) procurement ecosystem. For customers, this means internal organizational transparency, vendor transparency, and pricing transparency. Our customers also gain procurement efficiencies to enable collaboration across centralized purchasing teams, or extremely decentralized and disconnected business units.