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.