Whether you’re trying to reduce costs or minimize off-contract suppliers (or both), getting bids from the right vendors every time is possible without needing to use more resources.
Tail spend has become a substantial source of savings for companies willing to think beyond the traditional procurement model.
According to Boston Consulting Group, “firms that use digital to manage tail spend can cut their annual expenditures by 5% to 10%, on average—a significant amount, especially for global companies with total expenditures in the billions.”
Learn more about automated sourcing by reading our Tail spend management fundamentals eBook.
Fairmarkit will intercept POs to ensure that you are sourcing goods and services from preferred suppliers, then manages the bidding process with those vendors.
For where you want more competition, it’s easy to find vendors, request quotes, and compare results side by side. Fairmarkit removes manual effort from the process while putting data and vendor recommendations at the forefront for buyers to be efficient and impactful.
Compile results and data from all bids for a lens into tail spend. Dashboards help you track buyer performance, vendor response, and spend metrics. Easily share updates with other stakeholders through automated reports right to their email inbox on a scheduled basis.
After separating from Thomson Reuters, Refinitiv embarked on a journey to transform its business and meet efficiency targets. Faced with managing thousands of suppliers in their tail spend, Refinitiv needed to add automation to the sourcing process and start getting more spend under management.
