Fairmarkit

Fairmarkit is an autonomous sourcing platform based in Boston, founded in 2017. The company specializes in enhancing how enterprise procurement teams manage their tail spend, which represents a significant portion of suppliers but a smaller share of overall spending. Fairmarkit aims to improve purchasing efficiency by automating and optimizing procurement processes using artificial intelligence and generative AI technologies. The platform automates the creation and management of sourcing events, allowing procurement teams to handle many more sourcing events per employee. This leads to substantial cost savings and helps organizations diversify their supply chains by identifying new suppliers. Fairmarkit also integrates with external marketplaces, such as Amazon Business, to ensure competitive pricing. The company serves a wide range of large enterprises across various industries, including retail, manufacturing, and technology, with notable clients like Walgreens, Nestlé, and Boeing.