Fairmarkit – an autonomous sourcing solution transforming the procurement of goods and services for enterprises – recently announced the launch of a new generative AI-powered tool that automates the process from intake to sourcing, thus saving an immense amount of time for enterprise procurement teams and unlocking a seamless end-user experience for buyers, suppliers, and business requesters.
Enterprise strategic sourcing and the RFP process have been mired in manual workflows and legacy tools that lack intelligence and user-friendliness. The resulting gap between procurement and their business stakeholders often causes rogue spending, increased risk exposure, and missed procurement targets.
Utilizing Fairmarkit’s existing AI and automation capabilities, the new strategic sourcing solution replaces manual form-based processes and legacy sourcing solutions that often take weeks to go from intake to sourced event. Business requesters can expect a seamless self-serve process for requesting goods and services within minutes.
Procurement teams can create and manage RFPs in just a few clicks while inviting collaborators to engage with suppliers, evaluate and score responses, and maintain a transparent sourcing process. The built-in RFP templates from the Sourcing Industry Group (SIG) further reduce the effort needed in creating sourcing events.
Adding demand intake and strategic sourcing to Fairmarkit’s existing tail spend capabilities enables procurement teams to capture and automatically categorize spend, reduce cycle times, and unify the end-user experience under a single autonomous sourcing platform. From there, procurement teams can create an RFP with just a few clicks, invite collaborators from across the org, upload more documentation, identify and invite the best-fit suppliers, evaluate and score responses, and make award decisions easily. Designing around end-user needs (whether the requester, supplier, or buyer) enables Fairmarkit to provide a sourcing experience unmatched by legacy sourcing tools.
KEY QUOTES:
“Business users go around procurement when they think it’ll take too long to get their needs met. Our new solution solves that issue, reining in spend and putting business leaders and their procurement teams on the same page, with significant savings in both time and money. The solution is a result of close collaboration with executive champions, beta users, and our data science teams, leading to an approachable yet powerful use case for GenAI that procurement teams will love – almost as much as the newfound time they’ll unlock.”
— Karim Wahba, Fairmarkit’s Head of Data Science
“Business users need personalized support for procuring goods and services, from one-time purchases to more strategic engagements that can last months. Fairmarkit’s technology enables Amazon’s end users to run all kinds of sourcing events, and the new GenAI capabilities can guide them down the right path at all times.”
— Kelly How, Global Digital Procurement Innovation Leader at Amazon
“Fairmarkit’s new strategic sourcing solution will revolutionize the way even business requesters will experience the sourcing process. The introduction of generative AI-powered demand intake immediately simplifies and automates how procurement teams can capture demand – mitigating the frustrating and manual process that we’ve historically seen in the industry. We’re incredibly excited to see the value Fairmarkit will provide businesses and thrilled to be a part in reforming a previously antiquated, siloed and manual request for proposal process.”
— Mary Zampino, Director of Strategic Engagement of SIG | ORG, the premier global network for procurement, sourcing and risk professionals
“Fairmarkit has long been the leader in enterprise tail spend, and the addition of a strategic sourcing solution sets the company up for the next stage of growth. I’m very excited to lead the Fairmarkit Sales team into this next stage, and to help bring our customers and the procurement space to the forefront of the AI innovation wave we are all witnessing right now.”
— John Fleisher, Fairmarkit’s SVP of Sales
