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.
Efficiency has been and will continue to be the cornerstone of procurement success - continuously evolving to decrease cycle time, time to value or even collaboration.
By integrating with ERP/P2P systems to transfer information in real time, removing the need for manual intervention, companies like bp reduced their cycle time by 50%. Similarly, Fairmarkit’s real time analytics gave Emirates the intelligence to efficiently identify the performance of their buyers and suppliers and reduce their cycle time by 85%.
“When we saw the machine learning solution that Fairmarkit was providing, we recognized a competitive advantage that we could get from using it. Particularly with our spare parts and MRO, we needed to reduce our cycle time to bring product in. We set ourselves a target of reducing cycle time by 50%. And today, we've achieved over 85% reduction.”
When onboarding new customers, Fairmarkit handles the implementation from start to finish without draining internal resources. Having systems that seamlessly communicate through integrations or data analytics that are automatically emailed to stakeholders allows companies like bp and Maxar to launch more efficiently and reduce the time to value.
"Before Fairmarkit we had a very manual sourcing process and it took time and what that caused was frustration with our stakeholders. What Fairmarkit has allowed us to do is complete those requirements without the people there. And for us that has been massive to unlocking the efficiency targets that were achieved through the platform and also the reduction in cycle.”
