Enterprise procurement teams now have a simplified sourcing solution to increase spend under management, source goods and services efficiently, and operationalize DEI and ESG initiatives – all from within ServiceNow Source-to-Pay Operations
BOSTON, Jan. 17, 2024 /PRNewswire-PRWeb/ -- Fairmarkit, the market leading autonomous sourcing solution transforming the procurement of goods and services, today announces a new partnership and integration with ServiceNow, the leading digital workflow company making the world work better for everyone, to help enterprise procurement teams increase spend under management, source goods and services efficiently, and operationalize DEI and ESG initiatives with an automated quoting process.
With Fairmarkit's automation, AI, and GenAI capabilities embedded within ServiceNow's Source-to-Pay Operations solution, enterprise buyers and end users can automatically create, send, and award quotations from within the ServiceNow interface, streamlining processes and decreasing turnaround time for competitive quoting. Buyers maintain the same level of user experience and functionality they expect from Fairmarkit sourcing, including reduced cycle time, greater visibility into spend, higher savings, and improved compliance and diversity maintenance – all from within the ServiceNow interface.
Initiated by a ServiceNow sourcing request, requests for quotes (RFQs) are automatically sent to suppliers, and bids are collected and presented to the user for an award decision within ServiceNow. Once an award is made, a purchase requisition is created and the customer's desired ServiceNow workflow is continued.
"Fairmarkit's integration with ServiceNow furthers our commitment to revolutionizing the way all organizations buy and sell," said Kevin Frechette, CEO of Fairmarkit. "We are fired up to work collaboratively with joint customers to ensure the most user-friendly & efficient purchasing process possible."
"From enterprise end users to seasoned procurement professionals, automated quoting with Fairmarkit will simplify the intake-to-award process, while also increasing opportunities for costs savings and efficiency gains," said Kirsten Loegering, VP, Product Management – Finance & Supply Chain Workflows at ServiceNow. "Establishing this partnership with the market leading sourcing solution opens the door for enterprises to bring more spend under management, enables end users to competitively quote with little effort, and paves the way for more value and less manual work."
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About Fairmarkit
Fairmarkit is the leading autonomous sourcing platform that helps enterprise procurement teams source more, faster, and drive strategic initiatives at scale. By equipping procurement and their stakeholders with automation, AI, and GenAI, it unlocks data visibility and efficiencies for tail spend and strategic sourcing. Leveraged across a number of industries by innovative procurement teams at companies like bp, Snowflake, BT Sourced, Maxar, and Boeing, Fairmarkit aims to revolutionize the way all organizations buy and sell. Learn more at http://www.fairmarkit.com.
Fairmarkit was named to the 2023 BostonInno Fire Awards, Inc. 5000 fastest-growing private companies list in 2023 and 2022, and currently serves enterprises such as BP, BT, Emirates, Snowflake, ServiceNow, and Boeing. Fairmarkit was recognized by Forbes as one of America's Best Startup Employers 2023, and customers continue to experience 11.5% cost savings on purchases and a 60%+ reduction in manual procurement efforts.
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SOURCE Fairmarkit
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