Fairmarkit

Overview

Fairmarkit is an AI-powered autonomous sourcing platform that automates the procurement of tail-spend purchases — the high-volume, lower-value transactions that consume disproportionate procurement team time. The platform uses machine learning to match purchase requests with qualified suppliers, run competitive bidding processes, and recommend optimal awards automatically. Fairmarkit's AI evaluates suppliers on price, quality, delivery speed, and historical performance, ensuring tail-spend purchases get the same competitive rigor as strategic sourcing events. The platform integrates with major ERP and P2P systems, sitting on top of existing procurement infrastructure rather than replacing it. Fairmarkit has demonstrated 11% average savings on tail-spend for its customers, which translates to significant savings given that tail-spend typically represents 20-30% of total procurement spend.