A simple solution to solve tail spend waste

Integrate Fairmarkit into your existing system to introduce competition and visibility into your non-strategic sourcing activities. Our artificial intelligence buying platform will drastically decrease the source-to-award cycle time while realizing savings of over 15%.

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Everything you need to transform your tail spend buying process

Automation & time savings

Create a simple and effective automated sourcing process across your organization that helps reduce costs with less time spent on manual tasks.

Cost reduction

Achieve savings of over 15% on all spend pushed through the platform, which will eliminate the need to focus further resources on additional tail spend processes.

Analytics & Visibility

Guarantee you are getting the best price and value through the analysis of structured data. Easily track performance across suppliers and price discrepancies to identify irregular trends.

Compliance adherence

Configure Fairmarkit to understand your internal compliance policies to ensure that all purchases are adhering to the proper guidelines.

Transform your
source-to-award process

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Integrate Fairmarkit directly into your existing enterprise resource planning (ERP) and procure-to-pay (P2P) platforms to create a seamless buying experience. Choose which requisitions you want to source through our platform and seamlessly send the RFx data to Fairmarkit.

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After importing your requisition, use Fairmarkit's artificial intelligence to recommend approved vendors that can provide the requested goods or services. You can also add other non-registered vendors from the Fairmarkit vendor ecosystem. After selecting vendors, submit your request and Fairmarkit will handle soliciting and collecting bids.

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Within 24 hours of sending out your request, vendors will submit quotes which will be centralized in one place for you to process. Our machine learning algorithms will make recommendations based on the responses received. If your request has multiple items, you have the option to award to one or more vendors, and that information will flow back into your ERP or P2P.

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As you award requisitions over time, you can better understand which suppliers are frequently active and provide competitive pricing to establish strategic partnerships. You can also identify vendors that are dormant or providing uncompetitive pricing and feel confident removing them to rationalize your vendor pool. Through Fairmarkit you also have access to our ecosystem of over 300,000 suppliers, which gives you the ability to easily find other leading vendors.

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Benefits

Unlock new capabilities for your organization

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Easy implementation

Installing Fairmarkit does not require access behind your firewall which allows you to get started in less than 1 month.

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Vendor rationalization

Automatically detect vendors that are not providing competitive prices or responding to requests to optimize your vendor pool.

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Reduced POs

Reduce duplicate processes by having orders auto bundled to combine purchase orders from the same supplier.

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Structured data

Be able to analyze your entire budget by establishing a standardized data structure for nonstrategic spend.

results

Within 1 month, Fairmarkit customers see   ⟶

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Time savings

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Management control

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Increased compliance

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Cost avoidance

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Increase competition

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Cost reduction

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Improved buyer satisfaction