Optimizing Tail Spend For The Enterprise
Fairmarkit leverages machine learning technology to provide unmatched visibility into and control of the tail spend procurement process.
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Up to 40% better pricing, 30% quicker procurement, across 4x more vendors.
Why Fairmarkit?
Founded in the heart of Boston, Fairmarkit is a SaaS platform that optimizes visibility and control into tail spend
processes. While tail spend accounts for only 20% of an enterprise’s annual spend, it makes up 80% of the
vendors and transactions, creating a management nightmare. Fairmarkit’s simple tail spend management
platform uses machine learning to increase procurement control, yielding greater efficiencies and savings
of 6-12%.
Risk reduction
Fairmarkit puts your data to work for you. By tracking and analyzing tail spend transactions and trends, Fairmarkit identifies operational risks and automates the process of obtaining the best prices from trusted vendors.
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.
How it works
Fairmarkit auto-populates vendors based of manufactures, part numbers, and free-text
Gain ability to select pre-set and customized groups of registered 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
View a clean dashboard to track Drafts, Open, Closed, and Awarded requisitions
Easily send out dozens of imported requisitions in minutes
Setup your specific KPIs and track them in real time
Monitor tail spend adoption in 1 simple report
The purpose of the Request for Quote (RFQ) is to leverage economies of scale to drive pricing down,
and reach the best value purchase. The historic balancing act has always been to determine how much
time should be spent sending out the requests. With Fairmarkit, you don’t have manage the trade-off
of your team’s time versus spend under management as you can easily automate the sourcing process.
There is a better way than sending your team through the manual task of searching Google, getting lost in
dozens of catalogs, scouring through spreadsheets, or more commonly just simply relying
on 1-2 or 2 tribal knowledge vendors. Fairmarkit uses machine learning to automate the
recommendation of vendors that should be included across 1,000s of individual purchases without human touch.
When starting off with a new enterprise customer we first apply the platform to make better use
of our customer’s existing vendor base. However, after partnering with them for a few months,
we use our recommendation system to invite outside trusted vendors to drive additional
value to the company. To continue supporting vendor consolidation initiatives, we also provide metadata on vendor performance to easily identify the bottom 5-10% of vendors that can be removed from your system.
The first step in getting control of your tail spend is to collect a steady stream of clean and
structured data. However, data alone doesn’t move the needle. Fairmarkit uses machine learning
techniques to generate actionable insight from your data that drives operational efficiencies and
flags potential areas of risk that require human interaction.
What our customers
are saying
Former Chief Procurement Officer – Publicis Groupe
Former Chief Procurement Officer – Salesforce.com & Oracle
General Manager – MBTA
Vice President, Strategic Sourcing & Procurement
Free Data Analysis
Have the data scientists at Fairmarkit review and analyze your tail spend data, completely free of charge. Taking these initial steps to make your data actionable will reduce cost and maximize your team’s time.
Steps for Free Data Review:
Steps for Free Data Review:
- Download Tail Spend Review Template.
- Review Privacy Policy and Sign Non-Disclosure Agreement (NDA).
- Populate Template and Send to Fairmarkit with NDA.
- Receive FREE review within 48 hours.
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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