Cabot identified tail spend as an important candidate for improving the procurement function. With hundreds of buyers located worldwide, there was a lack of visibility when it came to smaller and ad hoc transactions.
Within just a month, Cabot was able to use the Fairmarkit solution and deliver on the promise of adding value throughout the entire organization. The ability to analyze spend and provide transparency has been eye-opening, says Skerl. “Tail spend wasn’t historically getting a lot of attention,” says Skerl. “With Fairmarkit, we were able to drive all transactions through the solution and then see which options fit our criteria. We are able to quickly identify where are the savings, where are the opportunities—and where are the missed opportunities.”
This elevated the procurement team’s ability to stop being consumed by tactical activities and instead use analytics to unlock potential value.
At Cabot, requisitions come from multiple locations and systems, yet needed to be treated Cabot challenges status quo in procurement with Fairmarkitequally and driven through the same process. Skerl says the ease in which Cabot was able to integrate and centralize this data was one of the highlights of the project.
“The level of the visibility we can provide the business by pulling data from different procurement systems into a centralized dashboard is tremendous,” says Skerl. “We can immediately see the process flowing or pauses in the process. That transparency—for stakeholders from the Board to the buyer level—is a new ability for us. It helps us understand how we are utilizing ourselves.”
Yet where Fairmarkit really differentiated for Cabot was its ability to partner with the organization, says Skerl.
“Fairmarkit has become a trusted advisor to us. They challenge us and push us to innovate and improve,” he says. “They have delivered what we did not think was possible.
"The level of the visibility we can provide the business by pulling data from different procurement systems into a centralized dashboard is tremendous."
Chief Digital & Information Officer