Fairmarkit brings enterprise solutions to mid-market procurement teams

June 26, 2024

Since 2017, Fairmarkit has steadfastly committed to revolutionizing procurement processes for complex organizations worldwide. This commitment has been demonstrated through artificial intelligence (AI) and automation to streamline procurement processes and improve supplier management. By focusing on automation and optimization across all purchases, including those viewed as “non-strategic,” Fairmarkit empowers organizations to realize significant cost savings and efficiency improvements.

Fast-forward to today and Fairmarkit has transformed what we’ve learned from successful collaborations with industry giants like BP and Emirates Flight Catering into a lightweight, cost-effective solution suitable for procurement teams of any size. 

Addressing mid-market needs

Much like enterprise organizations, mid-market procurement teams are measured on realized value, productivity, and efficiency. The key difference is that mid-market teams often have just a fraction of the resources to deliver results. These lean teams conduct manual and repetitive sourcing tasks that become even more time-intensive as the organization scales. Consequently, mid-market teams have little time to think strategically or make tactical decisions impacting the organization’s bottom line.  

The mid-market procurement space is ripe for disruption. Automation and GenAI will have a far-reaching and long-lasting impact on resource-constrained procurement teams. In a time of rampant inflation and paramount supply chain disruptions, teams need the ability to move quickly and safely while still delivering results within budget and in a timely fashion. Imagine a centralized procurement cycle encompassed in one accelerated process that automates events and gives the entire organization visibility into metrics, all while exceeding cost savings expectations. Sounds like a dream come true, right?  With Fairmarkit, small teams have all those capabilities and more right at their fingertips.  

Fairmarkit meets mid-market

When you hear the term “enterprise solution,” you think discovery processes, integrations, downtime—the list goes on. Choosing to fully integrate a solution of that magnitude is not easy or fun for anyone involved, but the results are worth it, particularly for large organizations. Mid-market organizations have been left in the dust regarding new procurement technology, and Fairmarkit is ready to change that. In late 2023, we launched a new product that was intentionally designed to help support mid-market procurement teams.

Introducing KIT, a lightweight solution that does not require integration or IT resources. With KIT, you can go live in two weeks or less, providing a quick and efficient solution to your procurement needs. All your sourcing events, from RFQs to Auctions and everything in between, will leverage Fairmarkit’s AI and automation capabilities to replace manual and repetitive tasks. The need for manual processes, which can take weeks, is now a thing of the past. Requestors can leverage a seamless self-serve process using GenAI. At the same time, the procurement team can manage RFPs, collaborators, and supplier scoring in a way that gives all stakeholders visibility into the sourcing cycle. Think of taking the knowledge of your procurement team and extending it to the entire organization. 

That all sounds great, but how does it work? Our AI builds and learns from the data you provide to generate relevant responses based on context. To get started, all we need is your supplier list and multiple years of spend data. The AI is trained for its intended purpose on the back end, using the data provided, while on the front end, it functions like a chatbot for a frictionless and simplified user experience. The chat feature captures your sourcing demand request and then automatically creates the appropriate event type along with suggesting the appropriate suppliers. All of this is done within minutes, which will trigger the event to be sent out for supplier responses. As an added bonus, if you need to diversify your supplier base (which is always a good idea), you will have free access to Fairmarkits' global supply base in over 100 countries. The typical sourcing cycle for most Fairmarkit customers is completed within 24-72 hours. 

Strategic sourcing for all

Centralized sourcing, increased cycle visibility, and a simplified end-user experience benefit procurement teams of any size in any organization. Fairmarkit is committed to changing how procurement teams operate from enterprises to mid-size organizations. Manual workflows and legacy tools result in misaligned teams, rogue spend, increased risk, and missed targets. We’re here to help you close that gap and deliver results.

Ready to learn what your organization can do with Fairmarkit? Connect with our team to see how it works!

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