We live in a data driven world. For procurement, incomplete data can be as bad as no data. In our experience, tail spend presents a significant data collection challenge, and few organizations have truly clean and organized for their tail. This means they’re not tracking buyer behavior, supplier performance or unit or service pricing. Fairmarkit offers a standardized process that automatically collects and organizes tail spend data. This data then serves as the basis for advanced analysis of procurement spend.
At Fairmarkit, we like to say, “if you can see it, you can manage it.” We find many companies aren’t strategically managing 20% of their spend because they don’t have enough data to generate actionable sourcing insights. Fairmarkit solves this problem by automatically collecting data on your tail spend. It organizes the data to help you see exactly where each spend dollar goes.
Fairmarkit works with your current procurement systems to give you the best possible data. The platform integrates into your databases to help procurement understand how tail spend fits within a broader strategic sourcing strategy.
The real value of data is from the insights it informs. Fairmarkit’s machine learning technology provides easy to read visualizations of the data it collects as you source through the platform. Overtime, Fairmarkit works with your procurement data to provide you with predictive analytics, giving you access to sourcing opportunities in real time.