Optimizing Tail Spend For The Enterprise

Fairmarkit leverages machine learning technology for complete automation. Our insights are unmatched, and we are the only solution focused exclusively on the tail spend sourcing and payment process.
Request a Demo
promo-top-right
Up to 40% better pricing, 30% quicker procurement, across 4x more vendors.
Rectangle
Why Fairmarkit?

Why Fairmarkit?

While tail spend accounts for only 20% of an enterprise’s annual spend, it can include more than 80% of an organization’s vendors and transactions. Fairmarkit’s simple solution uses machine learning and artificial intelligence to reduce manual effort by 30-40% while yielding savings of up to 32%. Founded in the heart of Boston, Fairmarkit is a SaaS platform providing visibility into, and control of tail spend, from sourcing through payment.

Rectangle
Risk reduction
Fairmarkit puts your vendor data to work for you, keeping unknown vendors and risky transactions at bay. By tracking and analyzing tail spend transactions and trends, Fairmarkit automates manual tail spend sourcing processes while minimizing operational and supply chain risks.
Cost savings
Using machine learning techniques, Fairmarkit identifies the right vendors to compete for each tail spend purchase. On average, customers realize savings of 6-12%.
Time savings
Fairmarkit simplifies and streamlines the RFQ process, allowing buyers to spend an average of 30% less time on bids and tripling the number of approved vendors included in each request.
Rectangle Rectangle

How it works

2-items-vendors
Fairmarkit auto-populates vendors based of manufactures, part numbers, and free-text
Gain ability to select pre-set and customized groups of registered vendors
Leverage Existing Vendors
Enable Fairmarkit to auto-invite non-registered vendors when additional competition is needed
Clearly identified which vendors are registered & non-registered at your company
1-list
View a clean dashboard to track Drafts, Open, Closed, and Awarded requisitions
Easily send out dozens of imported requisitions in minutes
Automated Payments
Setup your specific KPIs and track them in real time
Monitor tail spend adoption in 1 simple report
Fairmarkit streamlines and optimizes sourcing and payment processes for goods and services. By automating tail spend sourcing and vendor management tasks with Fairmarkit, your team can focus on critical strategic activities instead of manual tasks, ultimately increasing spend under management.
"Don’t we already have a vendor who does that?"

Fairmarkit identifies and recommends suppliers from your pre-approved, onboarded vendors to participate in sourcing events, using our machine learning technology. Fairmarkit expands vendor invitations beyond limited tribal knowledge, saving your team the time and effort previously spent on Internet searches and catalog research.
When starting a new enterprise customer engagement, we first optimize the customer's existing vendor base for sourcing invitations. A few months into the implementation is when we typically begin inviting vetted, outside vendors who will drive additional value for your company. To continually optimize each customer's vendor base, Fairmarkit provides metadata on vendor performance, identifying top-performing and trustworthy vendors along with vendors who should be excluded from sourcing opportunities.
Generating purchase orders and invoice payments for small purchases is an unnecessary burden. It weighs down your Accounts Payable department with low-value/high-volume tasks and paperwork. Fairmarkit manages payments to tail spend suppliers and service providers, using your existing purchasing card processes or via virtual cards which will reduce fraud while improving terms for your suppliers.
rectangle
Rectangle Rectangle

What our customers
are saying

“At ServiceNow, our procurement mission is to enable a strategy that optimizes both the end user experience and business value. Fairmarkit's automation, simplicity and 2-month ROI delivered on these objectives.”
Joe Frederick
Joe Frederick
Director, Spend Management - ServiceNow
“Procurement organization of all sizes continue to see cost reduction as their #1 objective. Fairmarkit’s innovative approach at optimizing tail spend will undoubtedly offer a solution and separate its clients from the rest of the pack.”
Michael Cadieux
Michael Cadieux
Former Chief Procurement Officer – Publicis Groupe
“Fairmarkit is hyper focused on tail spend. They equip the procurement team with the tools and actionable insights they need to deliver value.”
Greg Tennyson
Greg Tennyson
Former Chief Procurement Officer – Salesforce.com & Oracle
“Fairmarkit brings our bidding for purchases under $35K into a new era, that includes massive enhancements to transparency, efficiency, and also has data analytics to help us track and detect prices, trends, and also any abnormalities”
Luis Ramirez
Luis Ramirez
General Manager – MBTA
“Simply put, Fairmarkit automates our tail spend sourcing activity. We set up criteria within Fairmarkit to streamline the decision-making process around what qualifies as tail spend activity, and the system provides RFQ feedback in the required 48 hrs. allowing us to leverage aggressive pricing with a trusted vendor. Checks both boxes of saving time and money.”
Frank Cuomo
Frank Cuomo
Vice President, Strategic Sourcing & Procurement

MBTA Achieves 8% Average Cost Savings Through Fairmarkit

Read Case Study Rectangle

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.

Request a Demo
Rectangle