Gartner’s Cool Vendor research is designed to highlight interesting, new and innovative vendors, products and services. According to the report, “promising cool sourcing and procurement technology vendors, such as those covered in this research, offer solutions that can help transform a company’s operations. When considering vendors for this research, we looked for solutions that could fill important holes in a company’s digital roadmap.” As stated in the report, “Procurement and sourcing teams are more than ever tasked to keep the supply chain viable and pivot quickly while making faster and better decisions.”
Digital transformation remains top of the list to drive these outcomes. Because of this, it is crucial that the technologies that enable these teams to overcome these challenges are not only effective, but also easy to deploy and adopt.
Traditionally, though, procurement departments have not seen technology advances as much as other parts of the business, leaving them with processes that are still resource-intensive. Fairmarkit is built to address these issues in an innovative way. At its core, Fairmarkit optimizes the sourcing process for tail spend and nonstrategic spend. Where procurement teams traditionally waste time and resources, Fairmarkit helps to automate the process by reducing the time and manual effort required to make these purchases. The technology leverages data and automation to classify the products or services being requested, recommend a list of vendors who can provide them, and manage the bid communication and collection.
But what does this look like for our customers? Procurement departments of all industries and sizes, such as ServiceNow, Univision, and Blue Cross Blue Shield of Kansas City, use Fairmarkit to infuse data and automation into existing sourcing workflows while integrating with their ERP or P2P systems. This results in getting more competitive bids, saving an average of over 10% on those requests, and reducing cycle times.
“Fairmarkit is something that will cut your purchase workload down by at least 50% right out of the gate. It's very easy to use. Instead of having everything spread throughout your email inbox, the platform centralizes all of your purchasing activity. You can see all your vendors, analyze vendor performance and analyze all your pricing in one place” says Geoffrey Diggs, Supply Chain Manager from the SFMTA.
Companies can no longer survive using outdated technology. Those that embrace innovation and cutting edge technologies today will be the market leaders. That is forward-thinking procurement departments at organizations such as Trinity Industries, Thomson Reuters, and Maxar Technologies have started relationships with us. We are honored to be recognized as a Cool Vendor. We will continue to be a technology provider that drives innovation and a pioneer that brings intelligent procurement and supply chain solutions to the market.
This is a historic day for the entire Fairmarkit team and our customers. We are excited to continue disrupting procurement and supply chain to drive companies towards a more intelligent way to buy the goods and services they need.
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Gartner “Cool Vendors in Sourcing and Procurement for Supply Chain,” Koray Kose, et al, 16 June 2020
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