Fairmarkit is soaring to new heights

In the last 10 years, procurement has undergone a monumental transformation that continues to accelerate today. Strong, forward-thinking procurement and supply chain departments are more important than ever. These departments are under a spotlight, stressed by the current COVID-19 situation, and digital transformation initiatives are being sent into hyperdrive. Emerging technologies, such as Fairmarkit, will be critical partners in navigating the modern digital era and creating better procurement practices powered by data.

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Advanced data analytics help procurement better utilize collected data, improving spend visibility, strategic sourcing and overall efficiency. Procurement executives estimate that current analytic and automation technologies have the potential to improve clarity on cost by 54%, execution speed by 47%, spend compliance by 37% and savings by 21%.*

Gartner, Global Trends Impacting Procurement: 1H19

When we started Fairmarkit, we were solely focused on using data and machine learning to solve the $1.9 trillion per annum tail spend problem in the United States. While optimizing tail spend is still critical, based on the impact we’ve had, we now know we can innovate more of the sourcing process and there are more ways we can use data to drive intelligence across procurement. Today marks an expansion of our focus and aspirations, and our brand is shifting to reflect that.

Our north star: Over the next 10 years, Fairmarkit is going to revolutionize the way that all organizations purchase the goods and services that they need. This means our product capabilities will continue to expand to encompass more of our customers’ day-to-day activities. This includes sourcing more things, gaining more visibility, streamlining workflows, and leveraging partnerships across the procurement ecosystem. We will give procurement and supply-chain professionals the tools they need to drive more automation, and be more efficient and effective in their role as key strategic partners to the organization.

Our visual identity. During the early days of Fairmarkit, “Eagles Soar Here” became the mentality for how we celebrate team successes each week. The eagle, known for its intelligence and incredible eyesight, is ingrained in our culture and embodies both our team and product. It is now the symbol that represents our company.

The entire Fairmarkit team is fired up and ready to go as we work each day to revolutionize procurement and supply chain. For those of you who are already along for the ride, we are excited to continue to win each day with you. For those of you who we have not yet met, we look forward to partnering with you.

We’re ready to soar and source to new heights.  Are you ready to soar with us?

Sincerely,

Kevin Frechette

*Gartner “Global Trends Impacting Procurement: 1H19,” Procurement Research Team, 25 April 2019(https://www.gartner.com/document/code/708099?ref=authbody&refval=3967142). (Gartner subscription required)

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