Leveraging Fairmarkit's Tail Spend Management Platform can help solve multiple business challenges, most importantly: managing 80% of your vendors and consolidating your spend.
Fairmarkit consolidates your vendors automatically, while saving the metadata associated with them. Fairmarkit’s machine learning methods use our customers' data to get more intelligent and efficient as they source purchases through our platform. Initially, the platform relies on historical transaction data and buyer behaviors to auto-recommend vendors. Over time, as the data continues to be collected and analyzed in a structured format, the system becomes more accurate and efficient for buyers, vendors, and management reporting.
Fairmarkit’s ability to maximize profitability has been proven and validated through case studies with the Massachusetts Bay Transit Authority and Harvard’s Economics Department. By bringing eight or more bidders to the table, the MBTA was able to reduce vendor margins to less than 10%. Through Fairmarkit’s automated tail spend management, customers are able to save an average of 6-12% on all spend run through the platform.
For Fairmarkit customers, scaling for growth doesn’t mean budgeting for a proportional increase in headcount or setting up outsourced bid desk teams. We help our customers create the right mix of technology and process to enable their current team to more effectively manage an exponentially higher increase in volume. Ideally, even allowing them to re-allocate the headcount.
Looking to expand globally? With Fairmarkit, you can access new global suppliers that are preapproved and vetted by other fortune 500 enterprises.
Fairmarkit’s Tail Spend Management Platform puts your data to work to receive 6-12% in cost savings, increase operational efficiencies by 30%, and gain the ability to re-allocate your team members to strategic initiatives.