Business leaders know that cost savings come in various forms; realized savings, cost avoidance, time, FTEs and even compliance. Atlantic Methanol, Materion and the MBTA came to Fairmarkit to help identify, simplify and save on their tail spend.
Compliance doesn’t just outline a set of rules, it allows businesses to focus on diversity, sustainability, and more.
Without data transparency, SDI lacked the ability to understand the performance of their team and ensure compliance, so Fairmarkit created custom reporting to consolidate all sourcing information. Like SDI, Blue Cross Blue Shield struggled to meet bidding policies but with Fairmarkit, they outlined their compliance requirements and now Fairmarkit automatically follows their custom rule-based algorithm to send events. Beyond compliance, Safariland was able to expand their supply base to mitigate risk using Fairmarkit’s Supplier Recommendations.
“Using the Fairmarkit tool has really allowed us to expand upon our supplier base, find new suppliers where we weren’t doing business before, and really mitigate some of our risk across the board for our non strategic items.”
Both Blue Cross Blue Shield and Safariland were able to expand and leverage their supplier base with Fairmarkit's Supplier Recommendations. Now, they report on the diversity of their suppliers, such as small businesses, female or minority owned businesses and more, to participate in their overall organizations diversity and compliance initiatives, all without adding headcount, additional work or overhauling full processes
"Fairmarkit enables us to leverage a solution to scan the marketplace and identify potentially new entrants to our supply chain. Even if we don’t switch the vendor, it gives us the chance to test our partnership with that existing vendor.”
