When we announced the Spend Matters ‘50 Providers to Watch’ lists last week, which identify 50 firms in the procurement solutions area that our analysts think all practitioners should keep on their radar, we had a few very new additions.
Last year we launched our Future 5 initiative at Digital Procurement World: five start-ups that we believe are rapidly raising their presence in the procurement technology market. These were the new innovators that were either too new, or too small, to make the To Watch list at the time. The definition of the 50 to Watch are those organisations (some more established than others) that are doing something interesting or innovative in the market, including newcomers that are pushing procurement forward.
They fitted the following criteria:
- They were less than five years old and had been in the market for less than two years since their official product launch
- They had five or more customers
- They were involved in exciting, interesting or innovative use of technology
- They showed promising signs of staying power
So we are delighted to announce that some of those Future 5s migrated to the Providers To Watch list for 2020, one being Fairmarkit.
Fairmarkit provides cloud-based AI-powered software for optimising tail or non-strategic spend, automating the construction of RFQs and automating bidding and analysis on low-value purchases. Conceived in Boston MA they focus exclusively on tail spend sourcing and payment processes, with cost savings (which they’ve demonstrated in the area of 15%) and significant time savings on source-to-award cycles (of 30% to 40%) at the core. Having received their first investor funding in early 2018 and a Series A $11 million to help accelerate the offering, they now have some big company names under their belt and have received various innovation accolades including the Spend Matters Future 5. For a candid look at the solution, see our Vendor Introduction, SWOT analysis and competitive landscape.
We talked to Ben Winter, Head of Growth & Marketing at Fairmarkit about what the firm has been doing in the past 12 months to effect the move onto the ‘To Watch’ list:
“We’ve recently launched two-way API integrations with both Coupa and Peoplesoft to allow a seamless experience for Fairmarkit users,” he explained. “With these integrations, Fairmarkit can provide updates in real time to ensure that their database is consistent across both systems and reduce manual effort. We are continuing to work on full two-way API integrations with other ERP and P2P systems as well.
We also have continued to improve and refine our artificial intelligence (AI) capabilities, in the last quarter, the ability for a zero-touch sourcing process was released, with all steps automated from beginning to end. And, as the needs of the market and our customers evolve, we are expanding beyond tail spend to leverage automation across the sourcing landscape. This includes sourcing larger, more strategic purchases through the platform.
We continue to expand our customer base and move into new spend categories within our existing customers.”
So Fairmarkit appear to be evolving quickly, we wish them well and watch with interest how long it will take before they leap again to the To Know list.
The full 50 To Know/Watch lists can be found in the Spend Matters Almanac, our vendor directory on which you can register for free.
This year our analysts have also released a series of accompanying short videos.