Fairmarkit is an autonomous sourcing platform that transforms tail spend and strategic spend so organizations can source more competitively at scale. It integrates with ERP and P2P systems to automate manual source-to-award workflows so procurement teams can manage 10x more events and reduce cycle times by 40% without adding resources. Fairmarkit’s AI-powered supplier recommendations find the best-fit suppliers for every event by leveraging an organization’s procurement data, as well as the thousands of buyer & supplier interactions on the Fairmarkit marketplace everyday. The resulting competitive bidding helps buyers uncover over 11% cost-savings across categories without compromising on compliance and ESG requirements. Fairmarkit's GenAI sourcing intake tool, named KIT, helps procurement teams capture more spend and deliver a best-in-class experience to business stakeholders. KIT can ingest user requests, generate an SOW, route the spend based on internal policies, and even automate the creation of RFx to go from intake to sourcing in minutes rather than months.
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