Overview

Fairmarkit is a SaaS platform that optimizes visibility and control into tail spend processes for enterprises seeking to overcome one of their most difficult spend management challenges: tail spend. Fairmarkit’s simple platform automates tail spend purchases, using machine learning to produce significant savings and productivity gains. Listening to our customers, we’ve uncovered the critical aspects necessary to streamline tail spend purchasing, while simultaneously reducing the time and effort needed to increase control and achieve better pricing. Our approach includes assurance that all policy and compliance standards can be met and verified within the tail spend space.

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Services for Buyers and Shoppers

Every organization has their own language identifying who is responsible for the sourcing and purchasing of tail spend (Buyer, Sourcer, Procurement Executive, Shopper…etc). At Fairmarkit we don’t discriminate or exclude any titles, we simply make it easier to optimize and automate small to medium sized purchases.

Whether a centralized or decentralized buyer, our customers benefit from the use of machine learning and current workflow integration to reduce the manual input of data, the labor of identifying vendors to invite to a Request for Quote (RFQ) event, the management nightmare of managing bids and vendor communication and the time and effort needed to report against the tail spend purchases.

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Platform Solutions

Fairmarkit’s machine learning methods use our customers data to get more intelligent and efficient as it sources purchases through the 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. At its core, the Fairmarkit platform includes the following solution areas:

  1. Automated Data Communication: Reduces the need for manual double keying.
  2. Automated Vendor Recommendations:  Auto-populates 10+ relevant vendors saving the time spent looking in a system or Googleing an item or service.
  3. Automates Request for Quotes (RFQs) or Request for Services (RFSs): Streamlines the collection and review of competitive bids in a structured process.
  4. Metadata Intelligence Gathering: Most companies don’t receive value from their own internal data, much less from their tail spend data.

Fairmarkit enables our customers to realize procurement efficiencies related to buyer performance, department activity, vendor performance and consolidation, compliance and product and services purchasing analysis.

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Integration Solutions

Fairmarkit’s Tail Spend Management Platform was built with our customers focusing on two core aspects: speed and ease of use. With these in mind, we’ve solidified standard phases for our clients to enable integration.

  • Phase 1: Setup data flow to keep up-to-date information on transaction history, approved vendors, and active buyers and shoppers. Fairmarkit also enables non-direct integration with Source to Pay (S2P) and Procure to Pay (P2P) systems to ensure buyers can easily source requisitions within Fairmarkit without double keying. The key to this phase is that Fairmarkit does not go behind the firewall so IT does not need to be involved.
  • Phase 2: After the value is documented, Fairmarkit customers use the measured benefits as credibility to justify allocating IT resources to direct integration within a S2P or P2P. This can also include static, hosted catalogs or dynamic catalogs already setup with a system.
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Financial Supply Chain

All procurement leaders are working to eliminate extra costs in their supply chain. Up until now, their attention has been on optimizing larger contracts, increasing efficiencies of larger teams, and re-negotiating contracts with the biggest vendors. Fairmarkit provides a simple and easy-to-use approach to continue driving value out of the 80% of transaction thats make up 20% of their overall spend. This approach also drives structure and increased visibility.

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Fairmarkit delivers a simple sourcing platform to address the 20% of spend that’s not under management

See how Fairmarkit can put your data to work to receive an average of 6-12% cost savings, increase operational efficiencies by 30% and gain the ability to re-allocate your team to more strategic initiatives.
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© 2018 Fairmarkit
164 Lincoln St, Boston, MA 02111
+1 (800) 558-8017