Procurement AI (Tail Spend)
Fairmarkit
Autonomous sourcing platform using AI to automate tail spend and spot-buy procurement by finding the best suppliers and prices from existing and new vendor pools.
Visit Fairmarkit →Founded 2017
About Fairmarkit
Autonomous sourcing platform using AI to automate tail spend and spot-buy procurement by finding the best suppliers and prices from existing and new vendor pools.
AI Approach
AI-driven autonomous sourcing that automatically finds, evaluates, and recommends suppliers for non-strategic purchases.
Key Customers
Various Fortune 500 companies
Related Use Cases
Procurement & Sourcing
Spend analytics & classification
23% software expense reduction, halved sourcing cycle times, 90%+ spend visibility
Procurement & Sourcing
Supplier risk monitoring
Early warning of disruptions, 20% improvement in risk management outcomes
Procurement & Sourcing
Contract analysis & negotiation support
70%+ reduction in contract review time, improved compliance rates
Procurement & Sourcing
Autonomous purchasing (tail spend)
60-80% reduction in manual procurement tasks, faster cycle times
Quick Facts
- Function
- Procurement AI (Tail Spend)
- Founded
- 2017
- Funding
- $65M+ raised
- Website
- www.fairmarkit.com
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